Market regulator Securities and Exchange Board of India (SEBI) has prohibited Gretex Corporate Services Ltd from taking on any new assignment, contract or launching any new scheme as a SEBI-registered merchant banker (MB) for 21 days. The action follows an inspection that revealed multiple regulatory violations relating to due diligence and capital adequacy requirements. SEBI conducted an inspection of Gretex Corporate Services for the period between 1 April 2021 and 31 January 2023, to assess its compliance with due diligence norms in public issues managed during that time. The inspection found violations of Regulations 7 and 13 of Schedule III of the SEBI (Merchant Bankers) Regulations, 1992. Following these findings, SEBI initiated enquiry proceedings under the MB Regulation

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