Market regulator, Securities and Exchange Board of India (Sebi), has lifted a year-long ban on the French foreign institutional investor, Societe Generale (SocGen), Business Standard reports. In January 2010, Sebi banned SocGen from issuing overseas derivative instruments (ODIs) for providing wrong information about Hythe Securities to which it issued such instruments. SocGen wrongly reported to Sebi, issuance of certain ODIs/participatory notes to U.K.-based Hythe between January 2006 and January 2008, which were then issued back to other entities. The move follows SocGen’s submissions that misreported transactions were due to human error and corrective steps have been taken in the systems and processes for ensuring correct reporting of its ODI activity to Sebi.
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