Accordingly the Reserve Bank of India may disallow credit rating agencies from the dual role of being adviser cum rating agencies for companies. Meanwhile the move aims to prevent such entities from making biased assessments about the financial condition of their clients and restrict conflict of interest that may step in.
Furthermore official sources said that the banking regulator may soon initiate a dialogue with market regulator Securities and Exchange Board of India (Sebi) to flesh out new regulations that would impact the way credit rating agencies function. Further the changes have become imperative post the IL&FS fiasco where the role of rating agencies came into question.
Moreover credit rating agencies are jointly regulated by both Sebi and RBI as these firms’ rate bank loans and NBFCs, which constitute 70% of their business. Previously in a meeting with top credit ratings officials, central bank governor Shaktikanta Das and the deputy governors raised doubts over rating agencies' ability to assess credit risk and take timely rating action, said a source present there.
London-based AdiGro Group to restart Jet Airways' operations by July 1 London-based AdiGro Group, the parent company of AdiGro Aviation has offered to restart the Jet Airways' operations by July 1. The company which is one of the unsolicited bidders for Jet Airways has proposed to resume its operations with eight to nine thousand employees and 70 aircraft. Sanjay Viswanathan,
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