Sebi accused Synoptics used iPo funds to establish its own stock in market display

The district marketing controller also prohibits the traffickers of the merchant from assignment of an initial people (IPO).

In the severe community, Sebi accused two units (companies and investors) of investors, including the road ₹2 crore to the person who takes funds to buy a synoptic shares on the day to create artificial needs.

“It can be clearly concluded that the capital transfers are not made into units of agreement to get into agreement,” on May 6.

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The company has a company cannot meet the truth in Sebi.

In its first enforcement action, Sebi also banned the merchant bank, Ltd

“Actions not advised for transfer … is shocking and impressive at the same time.”

“Do not practice the complete actions of the page as your investor in the market

Synoptics raised ₹54.04 crore through the IPO that is of course prices in July 2023 in July, claiming it to use ₹34,58 crore of a fresh issue operated for work, strategic investment, and generalization agency.

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But on July 12, one day before signing, ₹19 crore – more than half of the steps issues – has redated from an IPO account. This transaction breed an escrow agreement, which is withdrawn clear before entering the approved lists and trading.

Money has been moved to the instructions of folds, which claimed that it is “for” cost associated with problems, “though revealed ₹80 Lakh is such costs in its expectations.

Sebi’s investigation revealed that Sebi funds were sent to three units – ABS Tech Services, CN it solutions.

Financial bank accounts are not in the name of these units, but in the name of the snail company unrelated to trading and transport and resources and resources

The three agreements are not registered, nearly similar, and structured as a returned deposit or advancement deposit, sebi.

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The investigation revealed that dev trading, which received ₹6 crore, transferred ₹2 crore with a person named Nikhil Rajsh Singh. The next day – July 13th, 2023, the day of registration – Singh bought a 1.6 million shares of synoptics, value ₹3.82 crore, at a list of ₹238 per share.

“It apparently that part of the IPO ProDups is transferred to a salary trading to Nikhil Rajesh

In its temporary command, Sebi Barred Synoptics and three promotional programs of it from the stock market.

Furthermore, it also banned from the new bank assignment, after finding the bankerckers act in the company that is an important part of the proceedings.

Sebi also steered the continuous application at the continuous ₹100 points in the door.

The temporary command also pointed out the intention of sebi to open its investigation into 20 SME IPO that is held between the 2022 and 2025 April 2025.

“Sebi will examine the use of funds that raised all these issues to specify that similar aporus was adopted by the foclate inserted in the order.

Company, Advertiser, its promoter, and focl has 21 days to meet, SEBI may be through the final direction.