SEBI penalised Rating Agencies over lack of Proper Due Diligence in IL&FS

Current context: The Securities and Exchange Board of India (SEBI) has penalised rating agencies for lack of proper due diligence while rating non-convertible debentures of Infrastructure Leasing and Financial Services Ltd (IL&FS).

• SEBI levied a penalty of Rs 25 lakh each on three rating agencies ICRA Ltd, India Ratings & Research and Credit Analysis and Research Limited (CARE) Ratings Ltd.
• The three rating agencies gave IL&FS the highest rating of AAA, even when IL&FS Transport Networks, defaulted in June and SEBI found them guilty of excessively relying on assertions of IL&FS management.
• The rating agencies were also found guilty for not noticing disparities in public disclosures made by IL&FS.
• In case of IL&FS ratings, SEBI has rejected the settlement applications on 3 July 2019 and didn’t allow the CRAs to settle the lapses against a fee without admission of guilt.

Question: 

Q.1 The SEBI has recently put a fine of Rs 25lakh on which Credit Rating Agencies, for lack of proper due diligence while rating non-convertible debentures of Infrastructure Leasing and Financial Services Ltd (IL&FS).
a. ICRA Ltd, CARE Ratings Ltd and Brickwork Ratings (BWR)
b. ICRA Ltd, India Ratings & Research and CARE Ratings Ltd
c. CRISIL Ltd, ICRA Ltd and CARE Ratings Ltd
d. SMERA, CRISIL Ltd and India Ratings & Research Ltd.