Annual Secretarial Compliance Report for FY 25
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CARE Ratings has submitted its Annual Secretarial Compliance Report for FY25 under SEBI's LODR Regulation 24A, certified by Parikh & Associates, Practising Company Secretaries. The report confirms that CARE has generally complied with SEBI regulations, secretarial standards, insider trading norms, related-party transaction rules, and disclosure requirements. Two regulatory issues were flagged: a SEBI administrative warning issued in January 2025 for non-disclosure of the extent of consolidation in press releases after a routine inspection, and a settlement order from August 2024 where CARE paid about Rs. 13.05 lakh to resolve a case around delay in reviewing ratings and publishing press releases during a material event. An older Rs. 1 crore penalty imposed by SEBI in September 2020 remains under appeal at the Securities Appellate Tribunal (SAT), with Rs. 25 lakh already deposited with SEBI as directed. The Board's response notes that corrective steps have been taken and SEBI has been informed of the remediation.
This is a routine annual compliance filing with no new material financial impact. The previously disclosed Rs. 13.05 lakh settlement is small for the company, but the long-pending Rs. 1 crore SAT appeal continues to be an open regulatory overhang that investors should monitor.