IL&FS directors had tried to keep many ratings in "private", push rating officials to softens ratings, even influenced them to change the language in rating rational and occasionally inflated numbers in fishing for better ratings. This was further shared by Dilip Bhatia with the KMPs for IL&FS, where he suggested that rating from Moodys should be kept in private domain and requested Anita Ferreira to check the cost for the same. Our public domain searches indicated that the ratings had the exact same wording as suggested by SujoyDas,” the report states. Further, in the trail email Parthasarathy suggests that they can approach CARE, FITCH as well as CRISIL for the ratings instead of ICRA. Credit rating agencies are jointly regulated by both Sebi and RBI as these firms rate bank loans and NBFCs, which constitute 70 per cent of their business.

Source: Economic Times July 19, 2019 15:00 UTC