Cracking the whip for their “lethargic indifference”, watchdog Sebi on Thursday slapped a penalty of Rs 25 lakh each on ICRANSE 0.04 %, CARE, and India Ratings & Research in connection with lapses in assigning credit ratings to non-convertible debentures of IL&FS.
The crisis at diversified IL&FS, whose board was superseded by the government, came to light September last year and since then, the company as well as related entities have come under the regulatory lens.
In three separate but similarly-worded orders, Sebi said the default by IL&FS occurred due to “lethargic indifference and needless procrastination and laxity” of the rating agencies.
