India’s Sebi bars 7 companies from capital market

MUMBAI, Dec 30 (Asia Pulse) – India’s market regulator Sebi has barred several companies, their directors, merchant bankers and other related entities from participating in the securities market till further order for violating IPO norms. The merchant bankers who have been prohibited from participating securities market, include “PNB Investment Services, the book running lead manager of IPO of Taksheel Solutions and Almondz Global Securities (PG Electroplast and Bhartiya Global Infomedia)”.

Their CEOs too have been barred from participating in the capital market till further order.

“… by not complying with the regulatory obligation of making the disclosures, the company and its directors had not provided the vital information which is detrimental to the interest of investors in securities market,” Sebi order against Taksheel Solutions said.

It said that proceeds of IPO invested by the company in the India bulls Mutual Fund-Liquid Fund (amounting to Rs 5 crore) in an escrow account, till further directions.

“Taksheel Solutions is prohibited from raising any further capital, in any manner whatsoever, till further directions,” it added.

Similar orders were passed against the other six firms.

The market regula