Sebi slaps Rs 1 crore fine on CARE Ratings

Securities and Exchange Board of India has imposed a penalty of Rs 1 crore on CARE Ratings for due diligence lapses in the matter of Reliance Communications( RCom).
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.