SEBI said that Barclays can not issue offshore derivatives

Sebi today banned the leading English bank Barclays from issuing offshore derivative instruments following its failure to provide true and accurate picture of transactions" as required by the regulations. SEBI direct Barclays Bank Plc not to issue or subscribe or otherwise transact in any fresh or new offshore derivative instrument till such time as Barclays satisfies Sebi that it has put adequate systems, processes and controls in place to ensure true and correct reporting of its ODI transactions to Sebi.Barclays would be required to furnish a certificate from an auditor of international standing about its ability to correctly report transactions. the bank has been given time till December 18 to submit its reply.

Source: ET