Market regulator Securities and Exchange Board of India (SEBI) has uncovered suspected fund diversions amounting to as much as Rs100 crore in a series of small and medium enterprise (SME) initial public offerings (IPOs) managed by merchant banker First Overseas Capital Ltd (FOCL), according to a report by The Hindu BusinessLine . Last month, while imposing a penalty of Rs20 lakh on FOCL, SEBI barred the company from accessing the securities market for two years , citing persistent and serious violations of the SEBI Merchant Bankers Regulations, 1992 and related norms. The market regulator in October 2025 also suspended for two months, the registration certificate of FOCL , citing violations of the net worth requirements mandated for merchant bankers. Citing SEBI’s ongoing inv

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