Stock exchanges have intensified scrutiny on Small and Medium Enterprise (SME) listings by mandating more comprehensive financial disclosures and enhanced monitoring of utilisation of issue proceeds from investment bankers, amid rising instances of dubious practices.
Bourses-responsible for vetting initial public offering (IPO) documents and granting approvals to SMEs - have tightened norms in recent weeks with further measures planned for new filings to safeguard investor interests, sources said.
A step in this direction was to pull the plug on the listing of Trafiksol ITS Technologies, whose IPO had garnered over 300 times subscriptions and bids worth over ₹10,000 crore, following concerns surrounding its disclosures and plans to utilise the issue proceeds. An email sent to the company seeking the specific queries raised by the exchange or market regulator remained unanswered till the time of going to the press.
This story is from the September 19, 2024 edition of Business Standard.
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This story is from the September 19, 2024 edition of Business Standard.
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