The Securities and Exchange Board of India (Sebi) has barred those named as wilful defaulters from raising public funds through stocks and bonds, and also from taking board positions at listed companies.Sebi notified these norms on Wednesday, disallowing defaulters from setting up market intermediaries such as mutual funds and brokerage firms. These defaulters would also not be allowed to take control of any other listed company.

Source - http://www.business-standard.com