RCom NCD rating: SC upholds SAT order on Sebi penalty on Care Ratings

The Supreme Court on Monday upheld the Securities Appellate Tribunal (SAT)’s order that reduced the penalty imposed by Sebi on Care Ratings from Rs 1 crore to Rs 10 lakh in a case related to lapses in assigning credit rating to non-convertible debentures of Reliance Communications. However, The SC clarified the reduction of the penalty amount cannot be a precedent for other cases.

A Bench led by Justice Indira Banerjee, while dismissing Sebi’s appeal, said the reduction made in the facts and circumstances of the case cannot be a precedent in other cases.