Sebi Confirms Market Ban on Synoptics Technologies and Promoters Over Alleged IPO Fund Diversion Oct 03, 2025
Sebi has maintained its market ban on Synoptics Technologies and its promoters due to an ongoing investigation into alleged misuse of IPO proceeds. The company is accused of transferring Rs 19.00 crore under the guise of IPO-related expenses, significantly exceeding the Rs 0.80 crore disclosed in the prospectus. This amount represents over 54% of the fresh share issuance and 35% of the total issue size. The lead manager, First Overseas Capital Ltd, has been barred from new merchant banking assignments. The investigation was triggered by complaints about irregularities in the bidding process following the SME IPO in July 2023.