Indian market regulator SEBI has issued legal notices to government-owned companies PTC India and PTC India Financial Services, demanding explanations on alleged corporate governance lapses. The two firms have been given 21 days to respond to the show cause notice that requires them to explain why action should not be taken against them. SEBI had found preliminary evidence of alleged violations of governance and listing norms. Following the response from the firms, the market regulator will pass a final order that could include monetary penalties or a ban from the capital markets.