SAT stays Sebi order on Trafiksol's public issue
Financial Express Lucknow|December 11, 2024
The Securities Appellate Tribunal (SAT) has stayed the order of the Securities and Exchange Board of India (Sebi), cancelling the initial public offering (IPO) of SME entity Trafiksol ITS Technologies and asking it to refund ₹44.87 crore raised to investors within one week.
AKSHATA GORDE

"BSE to inform bankers to not refund the money until further orders," said a bench headed by Justice Dinesh Kumar on Monday. The matter was partly heard and will continue on Wednesday.

Trafiksol, a traffic systems software provider, had contested Sebi's directive to refund the funds by Tuesday, distribute accrued interest to investors, and cancel the shares allotted via the IPO.

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