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The Reserve Bank of India (RBI) on May 29 directed ECL Finance Ltd (ECL) to cease and desist, with immediate effect, from undertaking any structured transactions in respect of its wholesale exposures, other than repayment and/or closure of accounts in its normal course of business.
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ECL Finance Ltd was barred from undertaking any structured transactions in respect of its wholesale exposures, while Edelweiss ARC was barred from buying stressed assets.
The regulator said supervisory examinations had revealed that ECL Finance and Edelweiss Asset Reconstruction Co. had engaged in a series of structured transactions aimed at evergreening the stressed exposures of ECL