Mumbai: The markets regulator has sent fresh notices to rating companies for failing to warn bond investors of Infrastructure Leasing and Financial Services Ltd (IL&FS) in time about the scam at the shadow lender, two people with direct knowledge of the matter said, after its board disapproved of the low penalty imposed on them on 26 December.
A sizeable section of the board of Securities and Exchange Board of India (Sebi), including chairman Ajay Tyagi, felt the penalty was rather low, following which fresh notices were sent to ICRA Ltd, India Ratings and Research Pvt. Ltd and Credit Analysis and Research Ltd (CARE), the people said on condition of anonymity.
