The individuals - Ketan Kapasi and Vimal Kapasi - were among the 152 entities who were barred from the securities market a few years ago for alleged misuse of stock market platform for tax evasion and suspected money laundering activities. The matter related to trading in shares of First Financial Services.
Sebi's latest order comes on a plea by Ketan and Vimal seeking permission to trade in currency derivatives on behalf of four firms that were facing problems.
In an order dated January 27, Sebi said the four firms "may trade in currency derivatives over the exchange platform in such a manner that their aggregate turnover shall not exceed Rs 70 crore annually".
The firms shall avail the relaxation through only one intermediary and one exchange, it added.
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Besides, the regulator has directed Ketan and Vimal to provide periodic certification about their compliance with the conditions through their intermediary to the exchange concerned.
The two had submitted that the four firms were incurring losses as they were unable to enter into hedge transactions against any possible fluctuations in forex markets to protect their day to day business which includes import/export transactions.
Sebi has also clarified that the permission granted is subject to suitable modifications depending on certain conditions.
It is subject to findings of the investigation about the role and involvement of the noticees (Ketan and Vimal) in the alleged irregularities and the desirability to continue with such permissions in the interest of the securities market and the investors, the order said.