SEBI banned Synoptics Technologies and its promoters from the securities market, pending an investigation into alleged IPO fund diversion. The IT company reportedly siphoned off Rs 19 crore, nearly 54% of funds raised through fresh share issuance, with its lead manager. These transfers improperly occurred before the company’s shares began trading.
SEBI crackdown: 17-year-old IT firm & promoters barred; accused of fund misuse
