The company’s promoters are Jatin Shah, Jagmohan Manilal Shah and Janvi Jatin Shah are also excluded by the regulator.
“I … confirm the issued instructions with the interim order of May 6, 2025,” said Sebi’s entire Time member Kamlesh C Varshney in the confirming order.
In May of this year, Sebi had adopted an interim order and Barred Synoptics Technologies LTD (STL) and its promoters of the securities market, after accusations of having IPO yields.
In the interim order, the regulator said: “The investigation revealed a well -classified plan from the company (STL) and the head manager, FOCL (First Overseas Capital LTD), to give away funds in the IPO”.
“The amount that was apparently transferred to the cost management costs, insurance and sales committees, registration costs and other IPO -related costs’ was RS 19 crore and coarse disproportionate to the RS 80 Lakh that were described as problem costs in the Red Herring Prospectus of STL.” According to the order, the amount accounted for more than 54 percent of the total revenues raised by Synoptics by the new edition of shares with a value of RS 35.08 crore and 35 percent of the total outsource size (RS 54.04 Crore). Accordly, Sebi did not state to relate new allocations to the activities of the Securities Market as a ruleer.
Sebi noted that FOCL had carried out initial public offers (IPO) for 20 companies, which were mentioned from May 2022 to April 2025 on the SME segment of BSE and NSE.
In July 2023, the Synoptic technologies established in Mumbai raised funds via an SME-Ipho, and FOCL acted as the main manager of the problem.
as a reliable and trusted news sourceThe interim order came after the Securities and Exchange Board of India (Sebi) had investigated the case when receiving complaints about irregularities in the bidding process after the IPO has been closing.
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