IslamicFinance.de

After the Securities and Exchange Board of India (SEBI) cancelled Ahmedabad-based Parsoli Corporation's registration as a stock broker, the CEO of the firm, Zafar Sareshwala, claimed that his company had exited the stock-broking business voluntarily in 2010 and described the SEBI's move as a classic case of harassment. He claimed that SEBI had targeted his company because it was a Muslim firm and had proposed to bring in Islamic financing. SEBI had cancelled the certificates granted to Parsoli Corporation as a stock broker on both the National Stock Exchange and Bombay Stock Exchange due to observations that Parsoli was not fit and proper and was repeatedly found guilty of violating securities laws on more than one occasion.

Gulf Investment Services (GIC) Holding took the decision to end its investment in India-based Parsoli Corporation.
GIC and Baader Bank of Germany have invested in Parsoli Corporation in 2006. The investment didn't end well because of imprudent actions of the promoters of the company and both the foreign investors decided to exit from this investment in 2010.
Referring to the group's exit from the UAE business, it is anticipated to be completed soon as the liquidation proceedings are at an advanced stage.