Sebi to tighten norms for rating agencies
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NEW DELHI: Markets regulator Sebi is set to tighten disclosure norms for rating agencies as well as the companies being rated, as it seeks to check the menace of 'rating shopping' and a 'pick-andchoose' approach in disclosing rating actions.
The proposed regulatory moves follow the Amtek Auto fiasco and a growing number of loan defaults triggering downgrade or suspension of ratings without the same being properly communicated to investors.
It has been felt that the disclosure norms need to be tightened to ensure that the credit rating agencies (CRAs) avoid any conflict of interest while deciding and disclosing their rating actions, a senior official said.
Sebi, which has the mandate to regulate credit rating agencies in the country, is finalizing a draft set of revised disclosure norms and the same would be soon presented before its board, the official said.
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Aadhar Housing Finance made a flattish stock market debut on Wednesday with its shares of housing finance company (HFC) getting listed at Rs 315 per share, a 0.22 per cent discount over its issue price of Rs 315 per share.
However, after listing the stock of the company moved up to 4.7 per cent at Rs 329 a piece in intraday deals on the BSE.
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