First Overseas Capital barred by Sebi from acting as lead manager for new mandates

Securities and Exchange Board of India (Sebi) has barred First Overseas Capital from accepting new mandates for public debt securities issues due to violations of merchant banking regulations. An inspection revealed the firm failed to meet capital adequacy norms and provided misleading statements. Its underwriting obligations exceeded permissible limits multiple times, posing systemic risks to the securities market. This decision remains effective until further notice pending compliance with SEBI's regulatory framework.