Sebi Sinoptics Tech, IPO Confirms Market Restrictions for promoters for fund diversion

On Friday, Capital Markets Regulator Sebi said that the Synoptics Technologies and its promoters would ban the security market until the result of the investigation in the alleged signing of IPO’s income.

The company’s promoters Jatin Shah, Jagmohan Manilal Shah and Janavi Jatin Shah have also been made by the regulator.

“I … this confirms the directives issued by the interim order dated May 6, 2025,” said Kamlesh Sea Varshani, a member of Sebi.

In May this year, Sebi passed an interim order and banned Synoptics Technologies Limited (STL) and its promoters from the Securities Market after allegations of closing the IPO revenue.

In the interim order, the regulator said, “In the examination, the company (STL) and lead manager, FOCL (First Overseas Capital Limited), announced the plan for a siphon raised in the IPO.

“The amount that was apparently transferred for the cost related to the issue management fee, underwriting and selling, was Rs.

According to the order, this amount is Rs. 35.08 crore shares are more than 54 % of the total issue of new issues and 35 % of the total issue size (Rs 54.04 crore).

Accordingly, Sebi directed the FOCL not to take any new assignments related to commercial banking activities in the securities market, in the next directions of the regulator.

SEBI has observed that the FOCL conducted the initial public offer (IPO) assignments for 20 companies, which were listed in the BSE and NSE SME segments from 2022 to April 2025.

In July 2023, Mumbai -based Sinoptics Technologies funded by SME IPO .I did, and the FOCL worked as the chief manager of the issue.

The Securities and Exchange Board, India F India (SEBI), was ordered to interrogate the matter after the IPO was shut down and the Securities and Exchange Board (SEBI) was investigated by the Securities and Exchange Board (SEBI).