Brickwork Ratings Gets SEBI Nod to Resume Business Without Restrictions
Apr 01, 2024
BusinessWire India
Bengaluru (Karnataka) [India], April 1: Brickwork Ratings (BWR) is glad to announce the resumption of business and client onboarding following the order of the Securities and Exchange Board of India (SEBI) order dated March 26, 2024. The SEBI order from September 2023 had previously restricted BWR from onboarding new clients or accepting fresh mandates from existing clients until certain conditions were met, including strengthening the Board by inducting more independent directors with diverse skill sets and enhancing systems and processes. With full compliance achieved, SEBI has cleared BWR to resume normal business operations.
Alok Kedia, the newly appointed CEO and MD of BWR, said, "We are committed to maintaining the highest standards of compliance, and SEBI's order allowing us to onboard new clients once again, is a testament to the same. We have drawn out a strategic plan for major investments in People, Processes, Technology and Innovation, which we believe will help us deservedly regain our market share that we had a few years back."
He further added, "The Indian economy continues to show resilience aided by effective fiscal and monetary actions despite increasing global geo-political uncertainty as also evidenced from 8.4% GDP growth recorded in the December quarter. The economic activity is expected to gain momentum following the general elections. We are confident that this accelerated growth will give further impetus to the formalisation of the Indian economy, consequently contributing to a notable expansion in the credit rating industry in India."
This clearance from SEBI is seen as a significant milestone for BWR, highlighting its commitment to regulatory compliance and excellence in credit rating services. "We looked at this crisis as an opportunity to reinvent ourselves. The SEBI order comes as a relief not only for BWR and its employees, but also for our stakeholders and loyal customers," said Sangeeta Kulkarni, Executive Director of BWR.
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