The regulator also directed them to refund the money to the investors with an interest of 15 per cent.
The regulator after a probe found that the firm had made an offer of non-convertible debentures in 2012-2013 and 2013-2014 to raise at least Rs 7.55 lakh from at least 55 investors.
The actual number of allottees and the amount mobilised could be higher, the regulator said.
As the number of allottees was more than 49, it was deemed to be a public issue and required a compulsory listing on a recognised stock exchange, according to Sebi order.
The company was also required to file a prospectus, among others, which it failed to do.
Regarding the directors, Sebi said they were liable to be debarred as the issuance of NCDs took place during the period of their directorship.
Sebi barred eight directors -- Prashant Sharma, Soma Sharma, Arindam Mukherjee, Mahindra Nath Chowdhury, Gopal Sharma, Mahesh Shaw, Srikumar Chakraborty and Pradipta Chakraborty -- for four years and the ban will continue till the completion of refunds to investors.
Besides, the regulator banned Bhabiswajyoti Debenture Trust (represented by its trustee Sanjoy Chaudhuri) from markets for four years for acting as debenture trustee without certificate of registration from Sebi.