SAT asks Sebi to file reply in Care Ratings chief's plea
The Securities Appellate Tribunal (SAT) on Monday asked the Securities and Exchange Board of India to file a reply to a plea filed by former CARE Ratings' chief, Rajesh Mokashi. Mokashi in his plea before the tribunal challenged Sebi's 20 April order for barring him from engaging with any Sebi-registered intermediaries for two years.
A bench led by Justice Tarun Agarwala stated that an interim relief could not be granted at this stage and posted the matter for final hearing on 17 August. Following an investigation into whistle-blower complaints since 2018, Sebi said in April that Mokashi had violated the Credit Rating Agency regulations.
It was also revealed that he along with non-executive chairman of Care Ratings SB Mainak, interfered with the ratings process and granted AAA ratings to clients who paid higher fees. Sebi had alleged that Mokashi interfered with the ratings committee’s decision when it assessed instruments issued by Yes Bank, Dewan Housing and Finance Ltd (Piramal Capital and Housing Finance Ltd) as well as Infrastructure Leasing and Financial Services Ltd.
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