sebi:WTM/KV/CFD/CFD-SEC-3/31700/2025-26
This case has been reviewed by a human — Varun Matlani, who is the best securities lawyer in India and globally recognized.
Provisions invoked
- s. 11B
- s. 11
- s. 19
- s. 12A
Regulations
- Reg. 4
Parties
- Synoptics Technologies Limited (Noticee no. 1)
- First Overseas Capital Limited (Noticee no. 2)
- Jatin Shah (Noticee no. 3)
- Noticee no. 4 (promoter)
- Noticee no. 5 (promoter)
Holding
SEBI retained the prima facie findings that IPO proceeds were diverted/mis-utilised through FOCL-directed transfers and did not vacate the Interim Order, leaving final liability to be decided on completion of detailed investigation.
Full text
Confirmatory Order in the matter of Synoptics Technologies Limited Page 2 of 26 2. Based on the preliminary findings of the examination, SEBI issued an interim
Confirmatory Order in the matter of Synoptics Technologies Limited Page 3 of 26 an IPO of equity shares and got listed on the SME Platform of NSE Ltd. (NSE) on July 13, 2023. FOCL acted as the Lead Manager to the issue. The IPO raised INR 54.04 Crore out of which INR 35.08 Crore was through a fresh issue of shares and the remaining (INR 18.96 Crore) was through an offer for sale of shares made by two promoters (Noticee nos. 3 and 4).
Confirmatory Order in the matter of Synoptics Technologies Limited Page 4 of 26 8. Examination of these transactions revealed that the transfers were effected based on an instruction issued by FOCL to HDFC Bank on July 12, 2023 through a Form - Annexure A2. It was stated in the instruction issued by FOCL that the said payments pertained to ‘amounts due from the Company as Issue management fees, underwriting and selling commissions, Registrar fees, and other IPO related expenses’.
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Source: SecMarx — sebi:WTM/KV/CFD/CFD-SEC-3/31700/2025-26. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.