Unrated Credit Risk: Courts, Regulators and the Erosion of Trust
Update: 2025-08-01
Description
In 2018, a wave of corporate defaults — IL&FS, DHFL, Yes Bank — exposed deep cracks in India’s credit rating system. Ratings dropped from AAA to junk after defaults. Investors lost trust, regulators scrambled, and rating agencies came under fire.
Now, in 2025, a Securities Appellate Tribunal (SAT) order has delivered a stinging rebuke to SEBI’s probe into CARE Ratings’ former MD, calling it a “colossal waste of judicial time.” What happened to SEBI’s regulatory crusade? Why have no senior executives been held liable?
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