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Sebi bars Axis Capital from debt merchant banking activities until further orders
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Securities and Exchange Board of India (Sebi) has barred Axis Capital Limited (ACL) from taking up debt merchant banking activities.
The restriction comes as an interim measure after the regulator found that Axis Capital had provided a guarantee/indemnity towards redemption of NCDs in the guise of underwriting, which it is not permitted to do under the existing regulatory framework.
The activity, according to the Sebi order, poses a risk to the financial system as it can potentially disrupt the orderly functioning of the market.
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