NEW DELHI: The Securities and Exchange Board of India (Sebi) has barred First Overseas Capital Ltd (FOCL) from accepting any new mandates as a lead manager for public debt security issues, pending further notice.
This decision comes after FOCL was found to be in violation of the Merchant Bankers Regulations.
Sebi’s whole-time member, Ashwani Bhatia, issued the order prohibiting FOCL from managing new debt issue-related activities, including selling, buying, subscribing to securities, or providing advisory services related to issue management, until further orders. A show cause notice was also issued.
“I, hereby debar the noticee (FOCL) from taking any new mandate in relation to the business of issue management either by making arrangements regarding selling, buying or subscribing to securities or acting as manager, consultant, adviser or rendering corporate advisory service in relation to such issue management, until further order,” Sebi’s whole time member Ashwani Bhatia said in the order.
