Regulator Sebi Friday refused to lift the market ban imposed on Allied Financial Services and seven entities in a case of alleged misappropriation of clients' securities.
However, the watchdog revoked the directions against three former directors — Rajeev Kumar Asopa, Lalit Agarwal and Rajendra Prasad Basia — of the company in the same case.
In an interim order in February, Sebi barred Allied Financial and ten others from securities market till furthers directions besides imposing various other restrictions.
The ruling had come after Sebi found that mutual funds of Novjoy Emporium Pvt Ltd, OCL India Ltd and Dalmia Cement East Ltd were allegedly transferred illegally by Allied to IL&FS Securities Services as a collateral for margins of Allied.