SEBI crackdown: 17-year-old IT firm & promoters barred; accused of fund misuse

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.