After barring merchant banker First Overseas Capital (FOCL) for procedural lapses last month, the Securities and Exchange Board of India (SEBI) has found evidence of up to ₹100 crore of IPO funds being siphoned off in its ongoing probe into nearly 20 SME issues managed by the firm, people familiar with the matter said.

The investigation has revealed similar patterns of diversion of public-issue proceeds across several small- and medium-enterprise (SME) listings handled by FOCL. The companies under the scanner include Sameera Agro and Infra, Amanaya Ventures, QMS Medical Allied Services, Italian Edibles, Graphisads, Electro Force (India), Shree OSFM E-Mobility and Varanium Cloud, according to sources.

“The investigation is ongoing, with some still at initial stages. SEBI has found evidenc

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