Sebi on Wednesday barred First Overseas Capital from taking any new mandate as a lead manager for any public issue of debt securities until further orders for allegedly violating merchant bankers rules. The regulator also issued a show cause notice to First Overseas Capital for alleged violations of the provision of Merchant Bankers (MB) regulations. "I, hereby debar the noticee (FOCL) from taking any new mandate in relation to the business of issue management either by making arrangements regarding selling, buying or subscribing to securities or acting as manager, consultant, adviser or rendering corporate advisory service in relation to such issue management, until further order," Sebi's whole time member Ashwani Bhatia said in the order. In its 33-page interim order cum show cause notice, Sebi said FOCL acted as a registered merchant banker without meeting the capital adequacy requirement (net worth of Rs 5 crore), as mandated under the provisions of the MB norms. Further, the .