The Securities Appeals Tribunal (SAT) has suspended market regulator Sebi‘s decision to terminate Brickwork Ratings India, people familiar with the matter said. A final hearing in the Brickwork Ratings vs Sebi case will be held on November 15.

Sebi’s decision to close Brickworks’ operations for six months, citing “failure to exercise proper skill, care and diligence” in discharging its duties, is the first such action against a credit rating agency.

According to an oral order passed by the SAT, Brickwork Ratings cannot accept any new assignments until its next hearing, which is November 15.

Licensed in 2008, Brickwork Ratings is one of seven credit rating agencies registered with Sebi. Crisil, ICRA, CARE, Fitch, Infomerics Ratings and Acuite Ratings are other entities.

Some market experts say the winding-up order of Brickwork Ratings India Pvt Ltd by capital markets regulator the Securities and Exchange Board of India (SEBI) will rightly benefit rivals in the rating industry.