SEBI bars Trafiksol, promoters from markets for a year
Final order follows investigation into misleading disclosures and a fabricated software quotation in the SME IPO
SEBI has imposed a one-year ban on Trafiksol ITS Technologies and its promoters, Jitendra Narayan Das and Poonam Das, following a misconduct investigation into the company's aborted ₹44.87-crore IPO. The regulator imposed penalties of ₹30 lakh on Trafiksol, ₹50 lakh on Jitendra Das, and ₹25 lakh on Poonam Das for misleading disclosures and lapses in the IPO process.
The investigation found that the company made false claims about a software quotation from Oasis Corpcare, and that Jitendra Das was directly responsible for these actions. SEBI's final order dismissed Trafiksol's appeal against the earlier ban, noting that the company's decision to approve the software purchase without verifying the vendor's credentials did not meet "desired corporate governance norms."
Brief written by urgent.news from Hindu BusinessLine's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
