Sebi Cracks Down on First Overseas Capital: Merchant Banker Faces Ban
Sebi has barred First Overseas Capital from accepting new mandates as a lead manager for debt securities, citing violations of merchant banker regulations. The firm failed to meet required capital adequacy norms and made misleading submissions, posing a risk to the securities market and investor interests.
- Country:
- India
The Securities and Exchange Board of India (Sebi) has taken decisive action against First Overseas Capital, barring the merchant banker from taking new mandates as a lead manager for public debt securities.
The regulator cited a breach of merchant banker regulations, including failure to meet capital adequacy norms, for barring the firm until further orders.
The move comes after inspections revealed non-compliance with capital adequacy requirements, posing systemic risks and jeopardizing investor interests in the securities market.
(With inputs from agencies.)
Advertisement
ALSO READ
Tripura Enforces Strict Noise Regulations Ahead of Durga Puja Festivities
Court Orders ED to Provide Documents in Delhi Excise Case Amid Inspection Ruckus
Barbara Creecy Highlights SOEs' Role in Youth Employment during Rail Line Inspection
Southern Railway's Strategic Inspections Drive Development in Thiruvananthapuram
Poland's Visa Scandal: Tightened Regulations and a Nation on Alert