From Arabnews.com: While Indian blue chip companies such as Tata, Reliance, Ambit and the Bombay Stock Exchange have all entered the Islamic asset management space in the last year or so with the launch of Islamic equity funds and the BSE TASIS Shariah 50 Index, the plight of one local company, purporting to be an Islamic finance and brokerage company but whose operations were deemed wholly unethical, has passed almost unnoticed.
On Jan. 12 the Securities Appellate Tribunal (SAT) of the Securities and Exchange Board of India (SEBI), the securities regulator, dismissed Appeal No. 146 of 2010 by Parsoli Corporation Ltd. against a ruling by SEBI that Parsoli and its promoters/directors violated several provisions of the ………………………………………Full Article: Source