Here is the latest on the stalled Trafiksol IPO- Market regulator Securities and Exchange Board of India (SEBI) has cancelled the IPO and has directed the company to refund the money raised via the issue. It has further stated that the interest accrued should also be refunded to the investors proportionately.
It has gone on to state that Trafiksol may consider a fresh issue after the conclusion of the current proceedings by SEBI.
SEBI’s Whole-time Member Ashwani Bhatia stated in the 16-page order that, “In view of the foregoing, I, in exercise of the powers conferred upon me under section 19 of the Securities and Exchange Board of India Act, 1992 read with sections 11, 11(1), 11(4) and 11B and regulation 296 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, hereby issue the following directions:
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a)Trafiksol is directed to refund the money paid by the investors,who have been allotted shares in the Initial Public Offering
b)BSE in coordination with the Bankers to the issue shall oversee the refund process which shall be completed within one week from the date of this Order in the matter of Trafiksol ITS Technologies Ltd. The interest earned on the issue proceeds pursuant to the directions in the Interim Order shall be proportionately refunded to the investors;
c)Once the money is credited to the bank account of the applicants, the depositories are directed to transfer the shares of the Company which have been allotted pursuant to the IPO, to a separate demat account opened in the name of the Company;
d)The Company is directed to take appropriate steps for cancelling the shares which have been so transferred to the account mentioned above by the depositories.”
Trafiksol listing stayed on September 17 and SEBI issued interim order
Just to remind our readers, the listing of the issue was stalled on September 17 after SEBI and BSE received complaints from Small Investors’ Welfare Association,
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