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S B Mainak has resigned as chairman of CARE Ratings, the corporate stated in a inventory trade notification after the market regulator reportedly requested for his removal.


The Securities and Exchange Board of India (Sebi) nudged the score company after a forensic report stated Mainak had requested his employees to not change the scores of Infrastructure Leasing and Financial Services (IL&FS), the bankrupt shadow banker, the Economic Times reported on Thursday.



Consultancy agency EY earlier this week gave Sebi a report recording worker statements, WhatsApp messages and name recordings of CARE workers.


Mainak, a former managing director of Life Insurance Corporation, was an impartial director and chairman of CARE Ratings. In December, CARE’s managing director and chief government officer (MD & CEO) Rajesh Mokashi resigned after a whistleblower grievance alleged administration interference in scores of corporations, together with IL&FS.


In August 2019, Moody’s India arm ICRA sacked its MD & CEO Naresh Takkar after whistleblower allegations.


Sebi, in December, fined CARE, ICRA and India Ratings Rs 25 lakh every for violating rules on assigning scores to non-convertible debentures of IL&FS. Sebi not often asks corporations to take away prime officers however it has loads of say on the subject of key appointments at market intermediaries such as inventory exchanges, depository members and credit standing companies.

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