CURRENT AFFAIRS

Detailed explanation-1: -Market regulator SEBI has issued an order to Brickwork Ratings to wind up its operation within six months because the watchdog said there were major lapses in the rating agency’s duties during its inspections.

Detailed explanation-2: -Issuer Ratings which are not specific to any debt obligation are valid for 12 months. If a mandate for surveillance of the issuer rating is not received even after 13 months from the date of earlier rating letter, a Notice of Withdrawal shall be served on the Issuer.

Detailed explanation-3: -Sebi orders Brickwork Ratings to wind up, in first such action against a credit rating agency.

Detailed explanation-4: -MUMBAI : The Securities and Exchange Board of India (Sebi) on Thursday cancelled the licence of Brickwork Ratings, prohibited it from taking up new clients and directed it to wind up operations in six months, in the toughest regulatory action against any credit rating firm.