Whole-time member (WTM) of the Securities and Exchange Board of India (Sebi) Ashwani Bhatia on Friday sounded a cautionary note on listings and fundraising by small and medium enterprises (SMEs), amid instances of manipulation and fraudulent practices.
Speaking at a conference organised by the Institute of Chartered Accountants of India (ICAI), Bhatia stressed that such cases could have been prevented with diligent auditing.
His comments came after Sebi's recent actions against several SMEs for flouting norms, manipulating financials, and engaging in fraudulent activities. The regulator has also found instances of the use of mule accounts to inflate IPO subscriptions and pricing.
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