SEBI restrains Pawan Bansal from associating himself with an intermediary for stocks
Pawan Bansal and Altius Finserv Private Limited do not comply with the eligibility criteria of being a 'fit and proper person' in accordance with the Merchant Bankers Regulations read with the Intermediaries Regulations, according to a SEBI Order
 
Pawan Bansal, managing director and key management person of Altius Finserv, is restrained from associating himself  with any intermediary (or holding any controlling shareholding in any intermediary) till he is freed by the Competent Court, of the charges alleged in the FIR (FIR no. RC-AC1-2014-A0005) registered against him, by the CBI (Central Bureau of Investigation) on 1 August 2014, according to a SEBI Order. SEBI (Securities and Exchange Board of India) is the market regulator.
 
SEBI shall not consider any application of Altius Finserv Private Limited, for a Certificate of Registration to act as an intermediary in any capacity, until he is freed by the Competent Court, according to the SEBI Order.
 
The SEBI Order observed that Pawan Bansal and Altius Finserv Private Limited do not comply with the eligibility criteria of being a 'fit and proper person' in accordance with the Merchant Bankers Regulations read with the Intermediaries Regulations.  Altius Finserv Private Limited has failed to comply with the provisions of Clause 28 of the Code of Conduct contained in Schedule III read with Regulation 13 of the Merchant Bankers Regulations.
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