Sebi bars Varyaa Creations, freezes promoters' shares over IPO misuse

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Sebi bars Varyaa Creations, freezes promoters' shares over IPO misuse - Business Standard

Quick Summary:

Sebi’s probe found that the company had access to only about 30 per cent of the issue proceeds.

This is the second merchant banker, after First Overseas Capital, to be restricted this month by Sebi for lapses in SME IPOs.

Sebi also advised the BSE and NSE to exercise greater care and diligence while permitting listings, stating that such instances are not in the interest of investors.