Mumbai: Securities and Exchange Board of India has imposed a penalty of Rs 1 crore on CARE Ratings<\/a> for due diligence lapses in the matter of Reliance Communications<\/a>( RCom<\/a>).
The case relates to RCom’s default on the repayment of almost Rs 385 crore in early 2017.
The regulator alleged that CARE had failed to monitor the factors affecting the creditworthiness of RCom in a timely manner, resulting in significant delay in conducting the rating process and downgrading the rating,
It further alleged that the rating agency failed to initiate a review of its earlier ratings assigned to Reliance Communications<\/a> even after the publication of third quarter results in FY17 which showed a major decline in cash accruals affecting its credit profile.
It also did not receive a 'no default' statement from Rcom, despite it being a crucial document for conducting review of quarterly financials of an entity, Sebi<\/a> said in an order.
<\/p><\/body>","next_sibling":[{"msid":77211421,"title":"Stiff competition awaits Jio as it takes 'made-in-India' 5G tech to the world","entity_type":"ARTICLE","link":"\/news\/stiff-competition-awaits-jio-as-it-takes-made-in-india-5g-tech-to-the-world\/77211421","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[{"msid":"77201722","title":"Sebi12","entity_type":"IMAGES","seopath":"markets\/stocks\/news\/sebi-slaps-rs-1-crore-fine-on-care-ratings-in-rcom-case\/sebi12","category_name":"Sebi slaps Rs 1 crore fine on CARE Ratings in RCom case","synopsis":"The case relates to default committed by RCom on the repayment of principal amount of Rs 375 crore and interest of Rs 9.7 crore due in February 2017 and March 2017, respectively.","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-134255\/77201722.cms?width=150&height=112","link":"\/image\/markets\/stocks\/news\/sebi-slaps-rs-1-crore-fine-on-care-ratings-in-rcom-case\/sebi12\/77201722"},{"msid":"77201643","title":"Sebi extends relaxation in procedural requirements for open, buyback offers","entity_type":"ARTICLE","seopath":"markets\/stocks\/news\/sebi-extends-relaxation-in-procedural-requirements-for-open-buyback-offers","category_name":"News","synopsis":"The acquirer may have the flexibility to publish the dispatch advertisement in additional newspapers, over and above those required under the respective regulations.","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-270285\/77201643.cms?width=150&height=112","link":"\/news\/markets\/stocks\/news\/sebi-extends-relaxation-in-procedural-requirements-for-open-buyback-offers\/77201643"},{"msid":"77157043","title":"Sebi imposes 2-year ban on two individuals","entity_type":"ARTICLE","seopath":"markets\/stocks\/news\/sebi-imposes-2-year-ban-on-two-individuals","category_name":"News","synopsis":"In April 2016, the watchdog passed the final order against Mass Infra Realty Ltd (MIRL) and its directors for violation of public issue norms. ","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-8085\/77157043.cms?width=150&height=112","link":"\/news\/markets\/stocks\/news\/sebi-imposes-2-year-ban-on-two-individuals\/77157043"},{"msid":"77156848","title":"Taurus AMC settles with Sebi, pays Rs 1.94 crore as settlement charges","entity_type":"ARTICLE","seopath":"markets\/stocks\/news\/taurus-amc-settles-with-sebi-pays-rs-1-94-crore-as-settlement-charges","category_name":"News","synopsis":"The case relates to four schemes of Taurus AMC which had exposure in debt securities issued by Gautam Thapar-run paper maker Ballarpur Industries( BILT). The company defaulted on their payment obligation in February 2017.","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-8085\/77156848.cms?width=150&height=112","link":"\/news\/markets\/stocks\/news\/taurus-amc-settles-with-sebi-pays-rs-1-94-crore-as-settlement-charges\/77156848"}],"msid":77211454,"entity_type":"ARTICLE","title":"Sebi slaps Rs 1 crore fine on CARE Ratings in RCom case","synopsis":"The case relates to RCom\u2019s default on the repayment of almost Rs 385 crore in early 2017.","titleseo":"telecomnews\/sebi-slaps-rs-1-crore-fine-on-care-ratings-in-rcom-case","status":"ACTIVE","authors":[],"analytics":{"comments":0,"views":391,"shares":0,"engagementtimems":1955000,"url":"https:\/\/ettelecom.indiatimes.com\/telecomnews\/sebi-slaps-rs-1-crore-fine-on-care-ratings-in-rcom-case\/articleshow\/77211454.cms"},"Alttitle":{"minfo":""},"artag":"ET Bureau","artdate":"2020-07-28 08:24:23","lastupd":"2020-07-28 08:25:05","breadcrumbTags":["rcom case","care ratings","ril","Reliance communications","Industry","RCom","sebi","market news"],"secinfo":{"seolocation":"telecomnews\/sebi-slaps-rs-1-crore-fine-on-care-ratings-in-rcom-case"}}" data-authors="[" "]" data-category-name="" data-category_id="" data-date="2020-07-28" data-index="article_1">
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Mumbai: Securities and Exchange Board of India has imposed a penalty of Rs 1 crore on CARE Ratings<\/a> for due diligence lapses in the matter of Reliance Communications<\/a>( RCom<\/a>).
The case relates to RCom’s default on the repayment of almost Rs 385 crore in early 2017.
The regulator alleged that CARE had failed to monitor the factors affecting the creditworthiness of RCom in a timely manner, resulting in significant delay in conducting the rating process and downgrading the rating,
It further alleged that the rating agency failed to initiate a review of its earlier ratings assigned to Reliance Communications<\/a> even after the publication of third quarter results in FY17 which showed a major decline in cash accruals affecting its credit profile.
It also did not receive a 'no default' statement from Rcom, despite it being a crucial document for conducting review of quarterly financials of an entity, Sebi<\/a> said in an order.
<\/p><\/body>","next_sibling":[{"msid":77211421,"title":"Stiff competition awaits Jio as it takes 'made-in-India' 5G tech to the world","entity_type":"ARTICLE","link":"\/news\/stiff-competition-awaits-jio-as-it-takes-made-in-india-5g-tech-to-the-world\/77211421","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[{"msid":"77201722","title":"Sebi12","entity_type":"IMAGES","seopath":"markets\/stocks\/news\/sebi-slaps-rs-1-crore-fine-on-care-ratings-in-rcom-case\/sebi12","category_name":"Sebi slaps Rs 1 crore fine on CARE Ratings in RCom case","synopsis":"The case relates to default committed by RCom on the repayment of principal amount of Rs 375 crore and interest of Rs 9.7 crore due in February 2017 and March 2017, respectively.","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-134255\/77201722.cms?width=150&height=112","link":"\/image\/markets\/stocks\/news\/sebi-slaps-rs-1-crore-fine-on-care-ratings-in-rcom-case\/sebi12\/77201722"},{"msid":"77201643","title":"Sebi extends relaxation in procedural requirements for open, buyback offers","entity_type":"ARTICLE","seopath":"markets\/stocks\/news\/sebi-extends-relaxation-in-procedural-requirements-for-open-buyback-offers","category_name":"News","synopsis":"The acquirer may have the flexibility to publish the dispatch advertisement in additional newspapers, over and above those required under the respective regulations.","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-270285\/77201643.cms?width=150&height=112","link":"\/news\/markets\/stocks\/news\/sebi-extends-relaxation-in-procedural-requirements-for-open-buyback-offers\/77201643"},{"msid":"77157043","title":"Sebi imposes 2-year ban on two individuals","entity_type":"ARTICLE","seopath":"markets\/stocks\/news\/sebi-imposes-2-year-ban-on-two-individuals","category_name":"News","synopsis":"In April 2016, the watchdog passed the final order against Mass Infra Realty Ltd (MIRL) and its directors for violation of public issue norms. ","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-8085\/77157043.cms?width=150&height=112","link":"\/news\/markets\/stocks\/news\/sebi-imposes-2-year-ban-on-two-individuals\/77157043"},{"msid":"77156848","title":"Taurus AMC settles with Sebi, pays Rs 1.94 crore as settlement charges","entity_type":"ARTICLE","seopath":"markets\/stocks\/news\/taurus-amc-settles-with-sebi-pays-rs-1-94-crore-as-settlement-charges","category_name":"News","synopsis":"The case relates to four schemes of Taurus AMC which had exposure in debt securities issued by Gautam Thapar-run paper maker Ballarpur Industries( BILT). The company defaulted on their payment obligation in February 2017.","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-8085\/77156848.cms?width=150&height=112","link":"\/news\/markets\/stocks\/news\/taurus-amc-settles-with-sebi-pays-rs-1-94-crore-as-settlement-charges\/77156848"}],"msid":77211454,"entity_type":"ARTICLE","title":"Sebi slaps Rs 1 crore fine on CARE Ratings in RCom case","synopsis":"The case relates to RCom\u2019s default on the repayment of almost Rs 385 crore in early 2017.","titleseo":"telecomnews\/sebi-slaps-rs-1-crore-fine-on-care-ratings-in-rcom-case","status":"ACTIVE","authors":[],"analytics":{"comments":0,"views":391,"shares":0,"engagementtimems":1955000,"url":"https:\/\/ettelecom.indiatimes.com\/telecomnews\/sebi-slaps-rs-1-crore-fine-on-care-ratings-in-rcom-case\/articleshow\/77211454.cms"},"Alttitle":{"minfo":""},"artag":"ET Bureau","artdate":"2020-07-28 08:24:23","lastupd":"2020-07-28 08:25:05","breadcrumbTags":["rcom case","care ratings","ril","Reliance communications","Industry","RCom","sebi","market news"],"secinfo":{"seolocation":"telecomnews\/sebi-slaps-rs-1-crore-fine-on-care-ratings-in-rcom-case"}}" data-news_link="//www.iser-br.com/news/sebi-slaps-rs-1-crore-fine-on-care-ratings-in-rcom-case/77211454">
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