On December 2, the Securities and Exchange Board of India (Sebi) cancelled the initial public offer of Trafiksol ITS Technologies, a company that falls in the category of an SME-a small and medium enterprise. The stock market regulator asked it to refund money to investors.
This is one of several SME IPOs to run into trouble with the regulator in the recent past. Trafiksol ITS is a Noida-based company which provides intelligent transportation systems and automation solutions for traffic and toll management. It filed its Draft Red Herring Prospectus on May 31, 2024 for an IPO to be listed on the Bombay Stock Exchange's SME Platform.
The IPO offered 6.41 million new equity shares at a price of between 66 and ₹70 a share. The IPO was open between September 10 to 12 and was oversubscribed 345.65 times with listing scheduled for September 17.
Sebi acted on a complaint alleging that the objects of the issue included the purchase of software of 17.70 crore from a vendor with questionable financials, concluded after an investigation that the vendor was a 'shell entity'.
In another case, C2C Advanced Systems, an IPO on the National Stock Exchange's Emerge platform, opened November 22-26 at a price band of ₹214226, and saw 125-time subscription for the 2.91 million-share issue. The listing on November 29 was deferred due to complaints of discrepancies in financial statements. The NSE consulted with Sebi and told the company to provide subscribers a withdrawal option and appointed an independent auditor for inspection of the accounts.
About 370,000 applications were withdrawn. But after the audit, Sebi allowed the listing on December 2.
Additionally, the regulator asked the NSE to set up monitoring to oversee the utilisation of funds raised through the IPO.
Diese Geschichte stammt aus der December 10, 2024-Ausgabe von Business Standard.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der December 10, 2024-Ausgabe von Business Standard.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
NTA to be restructured, will only focus on higher edu entrance exams
The NTA will not conduct any recruitment exams from 2025, instead will only focus on higher education entrance tests, Union Education Minister Dharmendra Pradhan announced on Tuesday.
Digital scams: NPCI lists 'tricks' to watch out for
With incidents of online frauds, including 'digital arrests' on the rise, the National Payments Corporation of India (NPCI) that oversees India's retail payment systems has issued an advisory outlining steps to protect users against such scams.
Data breach, regulatory uncertainty hurdles in AI implementation: Deloitte
As Indian companies implement artificial intelligence (AI) in systems and processes, cyberattacks, data breaches and regulatory uncertainty about the new technology have become a concern, according to a survey.
Four of 10 in rural, semi-urban India prefer UPI: Report
Only about four out of ten users in rural and semi-urban India have the country's real-time payments system, Unified Payments Interface (UPI), as a preferred mode of transaction, with about two only preferring cash, according to a joint report by EY and CII.
IBA seeks training sessions by CBI to tackle bank fraud
The Indian Banking Association (IBA) has suggested to the finance ministry to direct public sector banks (PSBs) to organise regular training sessions by the Central Bureau of Investigation (CBI) for bankers to enhance vigilance and prevent fraud.
BITTER CHILL PILL
LNG, or chilled natural gas, is a $29 billion opportunity. So, what is keeping the sales low?
Assess employment growth prospects, infra before investing
The weighted average price of newly launched projects in the top 30 Tier-II cities surged by up to 65 percent between December 2023 and October 2024, according to a recent report by PropEquity.
Booster dose for Piramal Pharma on growth hopes
JM Financial initiates coverage on the stock with a 'buy' rating
LARGECAP CUTOFF LIKELY TO TOUCH ₹1 TRILLION
The market capitalisation (mcap) cutoff to qualify for mutual funds' (MFs') largecap universe is likely to go up for the fifth consecutive time to touch the ₹1 trillion mark for the first time.
Oberoi Realty: On a strong growth foundation
Oberoi Realty is a Mumbai-focused real estate player across residential, retail, hospitality, and social infrastructure.
