India market regulator bans ex-CEO of Care Ratings for violating securities law

CARE Ratings

20/04/2023 14:07

April 20 (Reuters) - India's market regulator on Thursday barred the former chief
executive of Care Ratings Ltd   CREI.NS  from the securities market for two years for violation
of rules. 
    The Securities and Exchange Board of India (SEBI), in its order, said that Rajesh Mokashi,
the former managing director and chief executive of Care, interfered in the rating committee
decision while it rated instruments issued by Yes Bank  YESB.NS , Dewan Housing and Finance Ltd
 DWNH.M3 , now known as Piramal Capital and Housing Finance Ltd, and Infrastructure and
Financial Services Ltd, a unit of Infrastructure Leasing & Financial Services Ltd  INFU_pb.BO .
    The regulator said that Mokashi was only "paying performative obeisance" to the regulatory
mandate by not being part of the rating committees but was still interfering in rating
decisions. The law does not permit the management of a rating firm to be part of the rating
committee. 
    Mokashi cannot be a part of any market intermediary for two years, SEBI ruled. 

 (Jayshree P Upadhyay in Mumbai; Editing by Dhanya Ann Thoppil)
 ((jayshree.pyasi@thomsonreuters.com ;))