BEFORE THE ADJUDICATING OFFICER SECURITIES AND EXCHANGE BOARD OF INDIA

[ADJUDICATION ORDER No. PM/AN/2020-21/9261]

UNDER SECTION 15-I OF THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 READ WITH RULE 5 OF THE SEBI (PROCEDURE FOR HOLDING INQUIRY AND IMPOSING PENALTIES BY ADJUDICATING OFFICER) RULES, 1995.

In respect of:
Brickwork Ratings India Pvt. Ltd. (SEBI Registration No. IN/CRA/005/2008)
PAN- AADCB3136C

BACKGROUND OF THE CASE

1. Brickwork Rating India Pvt. Ltd. (hereinafter referred to as ‘BRIPL’/ ‘Noticee’) is a ‘credit rating agency’ (‘CRA’) registered with Securities and Exchange Board of India (‘SEBI’) under the SEBI (Credit Rating Agencies) Regulations, 1999 (hereinafter referred to as ‘CRA Regulations’) bearing SEBI Registration No. IN/CRA/005/2008.

2. A joint inspection of the Noticee was conducted by SEBI and the Reserve Bank of India (“RBI”) during November 12– 16, 2018. The period of inspection was from 01 April 2017 to 30 September 2018. Based on the findings of inspection of SEBI and RBI, SEBI initiated adjudication proceedings against the Noticee under the provisions of Section 15HB of the SEBI Act, 1992 (hereinafter referred to as “SEBI Act”) for the alleged violations of the provisions of the below mentioned SEBI Regulations and Circulars:

a. Clause 8 of Code of Conduct for CRAs read with Regulation 13, Regulation 15(1), 16(1) and 24(2), 24(7) of CRA Regulations

b. Clause 1 A and B of SEBI Circular no. SEBI/HO/MIRSD/MIRSD4/CIR/P/2017/71 dated June 30, 2017. (“SEBI Circular dated June 30, 2017”)

c. Clause 3 read with Annexure A points 2.A.I.a), D.I and D.II, 4.B. and 5.C.IV of SEBI Circular SEBI/HO/MIRSD/MIRSD4/CIR/P/2016/119 dated November 1, 2016. (“SEBI Circular dated November 1, 2016”)

d. Clause 2 and 3 of SEBI/HO/MIRSD/DOP2/CIR/P/2018/95 dated June 06, 2018. (“SEBI Circular dated June 06, 2018”)

e. Clause 3 and 4 of SEBI Circular CIR/MIRSD/3/2012 dated March 01, 2012 (“SEBI Circular dated March 01, 2012”)

APPOINTMENT OF ADJUDICATING OFFICER

3. The undersigned was appointed as an Adjudicating Officer vide communique dated July 10, 2019 to conduct adjudication proceedings in the manner specified under Rule 4 of SEBI (Procedure for Holding Inquiry and Imposing Penalties) Rules, 1995 (hereinafter referred to as “SEBI Adjudication Rules”) read with section 15-I of SEBI Act, 1992 for the above alleged violations committed by the Noticee.

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