The Securities and Exchange Board of India (Sebi) has revoked the ban on Societe Generale for issuing offshore derivative instruments (ODIs).
Earlier this year in January, Sebi had directed Societe Generale not to issue, subscribe or transact in any fresh or new ODIs, until it provided true and correct reporting of its ODIs and participatory notes (PNs) to the regulator.
It was alleged that Societe Generale had failed to adhere to the legal requirements, since it had little or no relevant knowledge of the ultimate beneficiary of the ODIs issued by it.
“The ex-parte interim directions issued against Societe Generale... stands revoked with immediate effect,” said Sebi whole-time member Dr K M Abraham in a 23-page order on Thursday.
“Societe Generale is directed to issue ODIs strictly in compliance with the regulatory regime that govern the said issuance. Any misrepresentation or wrong reporting by Societe Generale of its ODI activity in future would be viewed seriously by Sebi,” it added.
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