India's markets regulator on Thursday barred investment bank Axis Capital from acting as a merchant banker for new debt issues for allegedly violating rules, according to an interim order on the regulator's website.

India’s capital market regulator has barred Axis Capital Ltd. from acting as a manager for new offerings of debt by Indian companies, the latest crackdown in the country’s securities market.

India's major tech companies such as Infosys, TCS, and Wipro have significantly shaped the Indian IT industry over the last two decades and transformed it into a global IT powerhouse.

Sebi has prohibited Axis Capital from operating as a merchant banker for debt issuances and barred it from acting as an arranger or underwriter for any debt segment securities. The action follows Axis Capital’s involvement in Sojo Infotel’s non-convertible debentures offering,

Markets regulator Sebi on Thursday restrained Axis Capital from taking up new assignments as a merchant banker for debt securities until further notice, in a case of providing guarantees for the redem