7 months ago
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SEBI bans 17-year-old Indian IT institution and its promoters from market:
Securities and Exchange Board of India (SEBI) has banned Mumbai-based IT institution Synoptics Technologies and its promoters from the securities market. According to a study by quality bureau PTI, the regulator has besides barred the 17-year-old company's promoters – Jatin Shah, Jagmohan Manilal Shah and Janvi Jatin Shah.
The ban, the study says, volition stay successful unit until the completion of an probe into allegations of diverting funds raised done its IPO. In a confirmatory order, SEBI whole-time subordinate Kamlesh C Varshney said “I...hereby corroborate the directions issued vide the interim bid dated May 6, 2025.”
Charges against Synoptics Technologies
Founded successful 2008, Synoptics Technologies is simply a Mumbai-based steadfast that offers web solutions & infrastructure solutions services.
The institution has much than 450 employees. As stated connected its authoritative website, the steadfast focuses connected integer translation usage cases to chopped the outgo of ownership and summation instrumentality connected concern for customers. The IT steadfast started trading connected the NSE SME speech connected July 13, 2023 with subscriptions unfastened betwixt June 30 and July 5.According to a SEBI investigation, the institution had allegedly drafted "a good laid retired plan" with its pb manager First Overseas Capital (FOCL) to siphon Rs 19 crore from the company's IPO proceeds.
The institution allegedly transferred this magnitude nether the guise of "management fees, underwriting and selling commissions, registrar fees, and different IPO related expenses", exceeding Rs 80 lakh arsenic disclosed successful the contented expenses successful the company's prospectus.As per the investigation, the diverted funds accounts for astir 54% of Rs 35.08 crore raised done caller stock issuance and astir 35% of the full Rs 54.04 crore contented size.The SEBI’s interim bid states that transfers occurred connected July 12, 2023, a time earlier the company's shares began trading. This goes against the escrow agreement, which allows specified transactions lone aft listing and trading approvals are received.
