The SFIO, India's statutory corporate fraud investigative agency is examining the role of rating companies in the various fraud cases that have come to light in the past few months.

Top executives of two prominent rating agencies ICRA and Care Ratings have been sent on leave on the back of anonymous complaints received by market regulator Securities and Exchange Board of India (Sebi).

To discuss this issue, CNBC-TV18 spoke with DK Mittal, former secretary of financial services; Prithvi Haldea, founder and chairman of Prime Database and JN Gupta, former executive director of Sebi.