Sipu Jha
Securities and Exchange Board of India (SEBI) has banned Mumbai-based IT company Synoptics Technologies and its promoters from the securities market. According to a report by news agency PTI, the regulator has also barred the 17-year-old company’s promoters – Jatin Shah, Jagmohan Manilal Shah and Janvi Jatin Shah. The ban, the report says, will remain in force until the completion of an investigation into allegations of diverting funds raised through its IPO. In a confirmatory order, SEBI whole-time member Kamlesh C Varshney said “I…hereby confirm the directions issued vide the interim order dated May 6, 2025.”
Charges against Synoptics Technologies
Founded in 2008, Synoptics Technologies is a Mumbai-based firm that offers network solutions & infrastructure solutions services. The company has more than 450 employees. As stated on its official website, the firm focuses on digital transformation use cases to cut the cost of ownership and increase return on investment for customers. The IT firm started trading on the NSE SME exchange on July 13, 2023 with subscriptions open between June 30 and July 5.According to a SEBI investigation, the company had allegedly drafted “a well laid out plan” with its lead manager First Overseas Capital (FOCL) to siphon Rs 19 crore from the company’s IPO proceeds. The company allegedly transferred this amount under the guise of “management fees, underwriting and selling commissions, registrar fees, and other IPO related expenses”, exceeding Rs 80 lakh as disclosed in the issue expenses in the company’s prospectus.As per the investigation, the diverted funds accounts for nearly 54% of Rs 35.08 crore raised through fresh share issuance and approximately 35% of the total Rs 54.04 crore issue size.The SEBI’s interim order states that transfers occurred on July 12, 2023, a day before the company’s shares began trading. This goes against the escrow agreement, which allows such transactions only after listing and trading approvals are received.
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