Market regulator Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs20 lakh on First Overseas Capital Ltd (FOCL) and barred the company from accessing the securities market for two years, citing persistent and serious violations of the SEBI Merchant Bankers Regulations, 1992 and related norms. SEBI’s action follows two inspections of FOCL, the first conducted on 24th August to 25 August 2022, covering the FY21–22 and a follow-up inspection on 14th February to 15 February 2024, covering the period up to 31 October 2023. Both inspections revealed multiple regulatory breaches, including the failure to maintain the minimum required net worth of Rs5 crore, engagement in non-securities business, acceptance of public deposits and submission of false and misleadi

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