An SME busted for fund misuse puts 20 more IPOs managed by the same lead manager under scanner

Securities and Exchange Board of India is investigating misuse of Initial Public Offering funds in Small and Medium Enterprises. This follows action against Synoptics Technologies and First Overseas Capital. Sebi barred Synoptics and promoters from the market for siphoning funds. The regulator will review 20 other SME IPOs managed by First Overseas Capital.