Credit rating agencies didn’t confer rating on Satyam: Govt

The government said all the five rating agencies operating in the country have confirmed that they have not rated Satyam Computer or its shares.

The governmenton Thursday said all the five rating agencies operating in the country have confirmed that they have not rated Satyam Computer or its shares.

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“As per information submitted by Care, Crisil, ICRA, Fitch and Brickwork, credit rating agencies have not conferred any ratings on Satyam Computer Services,” Minister of State for Finance Pawan Kumar Bansal told the Rajya Sabha in a written reply.

To another query, he said there has been a spurt in the trading of shares of the IT company during the last few months and market regulator Sebi is investigating into the dealings to ascertain which rules have been violated.

He said that various agencies including the Serious Fraud Investigation Office, Sebi and Andhra Pradesh CID are investigating into possible violation of various Acts, regulations and the case has been handed over to CBI, too, for probe.

To a different question, pertaining to the introspection by the government in the wake of the current global financial crisis, Bansal said, “Further reforms of the Indian financial sector will focus on appropriate regulation of various parts of they system based on the risks they pose to the system.”