Every time a rating agency fails, its issuer-pays business model is called into question. But the analytical depth and quality of ratings have little to do with the drivers of revenue: it is about the integrity of leadership and corporate culture
When team members differed from Mokashi s view on DHFL s AAA rating, even in the face of shoddy business fundamentals, Mokashi asked them to keep an open mind
Between December 2018 and July 2019, SEBI had received complaints against Mokashi alleging that he was interfering in the rating process at Care and granting AAA ratings to clients paying higher fees.