PNB Housing Finance has said that Sebi has asked it to hold back its share allocation processPNB Housing Finance Ltd (PNBHF) on Sunday said that themarkets regulator has asked it to put on hold a share allocation worth 40 billion rupees ($539.81 million) to a clutch ofinvestors led by Carlyle Group Inc.The company, in a statement, said it had received a letter from the Securities and Exchange Board of India (SEBI) requesting it to not proceed with the allocation until it undertakes an independent valuation of the shares.PNBHF, which announced the allocation in May, said it has acted in compliance with all relevant applicable laws and "is evaluating further steps in this regard."Reuters could not immediately reach SEBI or Carlyle for comment.