India's capital market regulator, the Securities and Exchange Board of India (SEBI), has barred Axis Capital from undertaking any new assignments as a merchant banker, arranger, or underwriter for any issue of securities in the debt segment until further orders. This restriction does not affect Axis Capital's operations in other segments, including equity capital markets, mergers and acquisitions, and institutional equities. Axis Bank, the parent company of Axis Capital, stated that the activities in the debt segment were in compliance with regulations and that SEBI has not imposed restrictions on Axis Capital in any other segment. The regulator has also asked Axis Capital to respond to its observations. This move is part of the latest crackdown in the country's securities market.