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The Sebi directive stated that Axis Capital served as the merchant banker for Sojo Infotel‘s non-convertible debentures offering in 2021.Additionally, it furnished a guarantee for Sojo’s NCD issuance amounting to Rs 260 crore. Following Sojo’s inability to redeem the NCDs fully, Axis Capital was obligated to settle the outstanding sum of approximately Rs 167 crore.
The regulator’s investigations into the matter and the subsequent order were based on an article by Hemindra Kishen Hazari, a Sebi-registered analyst, who had published a piece on Axis Capital on Jan 26, 2024, the order said.
Sebi held the view that Axis Capital operated as a banker under the guise of a merchant banker.
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