sebi:WTM/ASB/DDHS/DDHS-SEC-2/30791/2024-25
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Facts / Headnote
As an interim measure pending inspection, ACL restrained from taking up new assignments as merchant banker, arranger or underwriter for any issue/offer for sale of securities in the debt segment till further order.
Provisions invoked
- s. 19
Regulations
- Reg. 13A
- Reg. 2(1)
- Reg. 2(1)(h)
- Reg. 22B
Parties
- Axis Capital Limited
Holding
SEBI prima facie held ACL's unconditional guarantee/indemnity for redemption of Sojo NCDs, mislabelled as underwriting, was beyond permissible merchant-banker activity and restrained ACL from new debt-segment merchant banker/arranger/underwriter assignments till further order.
Full text
__________________________________________________________________________________ Order in respect of Axis Capital Limited Page 2 of 15
__________________________________________________________________________________ Order in respect of Axis Capital Limited Page 3 of 15 (b) Sojo issued NCDs of Rs.260 Crore on March 25, 2021. The issue opened on March 24, 2021 and closed on the same day. The deemed date of allotment was March 25, 2021. Axis Trustee Services Ltd. (“Axis DT”) was the “Trustee” and ACL was the “Arranger” to the Issue.
__________________________________________________________________________________ Order in respect of Axis Capital Limited Page 4 of 15 Table 4 maintenance of the Interest Service Reserve Account and for meeting the issue related expenses of the Issuer.
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Source: SecMarx — sebi:WTM/ASB/DDHS/DDHS-SEC-2/30791/2024-25. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.