Sebi bans Synoptics Tech, promoters from securities market for IPO fund diversion

Sebi has barred Synoptics Technologies and its promoters from the securities market due to alleged siphoning of IPO proceeds. The regulator also restrained First Overseas Capital Ltd (FOCL), the lead manager, from new assignments, suspecting a scheme to divert funds under the guise of issue-related expenses. Sebi will investigate other IPOs managed by FOCL for similar irregularities.

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