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Merchant bankers of IPOs under Sebi lens
Mint Chennai
|May 09, 2025
The market regulator's rare order barring First Overseas Capital Ltd (FOCL) from taking on any new initial public offering (IPO) assignments after uncovering alleged fund diversion from an IPO may signal increased scrutiny of merchant bankers, experts said.
The interim order, issued on 6 May by the Securities and Exchange Board of India (Sebi), uncovered a diversion of ₹19 crore from the proceeds of Synoptics Technologies Ltd's July 2023 IPO. It details how FOCL allegedly siphoned funds through fake counterparties, misclassified as expenses, and partially used to buy the company's own shares on listing day, creating an illusion of market
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