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The Securities and Exchange Board of India is looking into the workings of First Overseas Capital Ltd. or FOCL, for the misutilisation of IPO funds of small and medium enterprises, as per people in the know.

The SMEs that are under the investigative radar include Veerkrupa Jewellers Ltd., Varanium Cloud, Sameera Agro & Infra Ltd., Electro Force (India) Ltd, and several others, one of the people mentioned above said.

While a detailed inspection order has already been released against FOCL, extended investigation is underway to determine the use of funds from the SMEs that it led in their listing path. Orders in the matter of several such entitie

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