Brickwork Ratings expands board, appoints Santosh Nayar as chairman

The marketplace regulator had ordered Brickwork Ratings to not onboard clients for six months oregon until these conditions were met.

Nayar has a vocation spanning implicit 40 years crossed sectors including investment, retail, planetary banking, task finance, and beingness insurance. Currently, helium besides serves arsenic the president of Reliance Nipppon Life Insurance.

Earlier, Nayar served arsenic the president and managing manager astatine India Infrastructure Finance Co. Ltd, wherever helium played a pivotal relation successful shaping reforms successful the infrastructure sector.

The Securities and Exchange Board of India had successful September issued an bid requiring Brickwork Ratings to onboard much members to its board. The marketplace regulator had directed that the caller members either beryllium autarkic directors oregon non-executive directors not related oregon connected to the founding absorption of Brickwork Ratings.

Sebi had besides stated that Brickwork Ratings had to guarantee that nary much than a 4th of the members of the caller committee were related oregon connected to the founders and contiguous management.

The board’s autarkic directors present see Santosh B. Nayar, M.R. Hegde, S.Sadagopan, T.Y. Prabhu, Chandru Badrinarayanan, and Sudha Ravi.

Earlier successful June, the Securities Appellate Tribunal had provided alleviation to Brickwork, quashing Sebi’s bid of winding down the company’s operations. The tribunal had partially affirmed Sebi’s findings of alleged violations, and referred the substance backmost to the markets regulator to contented a caller bid connected the quantum of penalty.

Prior to that, Sebi successful its October 2022 bid had directed winding down of the operations of Brickwork wrong six months, citing “failure to workout due skill, attraction and diligence" portion discharging duties arsenic recognition standing agency".

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Published: 23 Apr 2024, 07:55 PM IST