SEBI COMPAINT & REPLY STATUS

1. BWR/SEB | / CPI-/ CO / t9 | r.4- tg
Shri. Surendra Gangavarapu
Assistant General Manager
Market Intermediaries Regulation and Supervision Dept.- IV
Securities and Exchange Board of India
SEBI Bhavan, Plot No. C+-A, "G" Block
Bandra Kurla Complex, Bandra (E)
Mumbai - 4oo oS1.
Dear Sir,
R.ef: Your letter MIRSD-IV/AS/SG/OW lzg5z4lzor4 dated Oct.
Sub: Complaint against Brickwork Ratings India Pvt. Ltd.
Bhandari
lirickr'Yor
CLN: U67190K42007 t'IC043591
0ctobcr' r:gr:zot4
lo, 2014
by Shri. Tribhuwan
l" We refer to the complaint of Shri" Tribhuwan Raj Bhandari received
your said letter and advise as follows.
unoer cover 0
Shri" Tribhuwan Raj Bhandari, the complainant is an investor in the equiry shares of
the First Leasing Company of India Ltd., Chennai. In his complaint, Shri Bhandari
has stated that he has invested approximately Rs"r.7S crores in purchasing the
shares of First leasing Company of India Ltd during the period zorr-zor3 (para
No.r3 page B of the portion of the Complaint received by us).The Complaint of Shri.
Bhandari is about his getting misguided in investing in shares of the Company.
Brickwork Ratings would like to inform in this regard that it has neither graded the
IPO of First l.easing Company of India Ltd nor in any way associated n.it-h any ]<ind
of valuation of the equity shares of the said Company" IJence Brickwork Ratings has
no role at all in the matter of investment in equity shares of First Leasing Company
of India Ltd" by Shri. Bhandari.
g.or Further, it may also be appreciated that an IPO grading by a Rating agcncy does
not constitute any recommendation to buy, sell or hold the shares of the graded
Brickwork RatinSs lndia Pvt. Ltd,

2. price or equlty market movements at all'
iuestion "what a:n IPO Grading i
shows the various crucial factors ne
an investorwhile taking a decision
{rnt IPO Grndingic rrot?
. Al'e"onrtnetrdatiorl to iuvest itr tlre
" A predictiou of pre/post listitrg Price
oftlre issue-
' !'nluatiotr l'eport of tlre equity beilg
offered bY tlre issuer
" Mu'ket risk oDal)'sis for seculities
beirrg offercil bY the issuer
" An audit nnd/or forcusic rq)ort to
detect frnud
3"oz The IPO grading
does not constitute
entirely with the investor to take a de
. As such, if an inves
of his own decision
agency"
4" We trust you will find the above in order
V. Nagaraja
Head - Ratings Administration
Brickwork Ratings
Corporate Office: 3rd Floor, Raj Alkaa Park' Kalena Agra