Question
Which entity has recently been restricted by SEBI from
accepting new mandates as a lead manager for public debt issues?Solution
SEBI has barred First Overseas Capital Ltd (FOCL) from accepting new mandates as a lead manager for public debt issues due to violations related to merchant banker regulations. FOCL was found to have breached capital adequacy requirements and accepted public deposits to meet underwriting obligations, contravening SEBI's and the Companies Act's guidelines.
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