India’s capital market regulator has barred JM Financial Services Ltd. from appearing as a supervisor for any public problems with debt by Indian corporations on account of alleged unfair commerce practices and violation of code of conduct for service provider bankers, in response to an preliminary order handed by the Securities and Exchange Board of India.

The Sebi order comes days after India’s central financial institution Reserve Bank of India barred the corporate’s unit from lending towards shares and bonds citing severe deficiencies in loans sanctioned for IPO financing and bonds subscriptions. The firm can proceed to behave as a lead supervisor of current debt points for a interval of two months from the date of order.