Sebi cracks down on GDR scam, bars 7 firms from market

Pulling the plug on a scam involving Global Depository Receipt (GDR) issues, the Securities and Exchange Board of India (Sebi) has barred seven companies — Asahi Infrastructure, IKF Technologies, Avon Corp, K Sera Sera, CAT Tech, Maars Software and Cals Refineries — from issuing any shares or convertible instruments or alter their capital structure in any manner till further directions after the regulator detected evidence of manipulation by these companies through GDR issues.

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