  We consider possible new physics contributions to b\to s l^+ l^- assuming the
new physics modifies (chromo)magnetic and electric form factors in b\to s
\gamma^* and b\to s g with the same chirality structure as in the standard
model. Parametrizing the new physics effects on b\to s \gamma^* and b\to s g in
terms of four real parameters, one finds that there are enough region of
parameter space in which the measured branching ratio for B \to X_s \gamma can
be accomodated, and the predicted CP violation effect could be as large as \sim
30%. Moreover, the branching ratio and the forward-backward asymmetry of a
lepton in B \to X_s l^+ l^- and the tau polarization asymmetry in B \to X_s
\tau^+ \tau^- can be deviated from the SM predictions by a factor of \sim 2,
which can be accessible at B factories. We also discuss these observables in a
specific class of supersymmetric models with gluino-mediated flavor changing
neutral current (FCNC).
