Sebi cancels Trafiksol SME IPO, asks company to refund investors' money
Sebi) on Monday cancelled the SME IPO of Trafiksol ITS Technologies, which was earlier put on hold by BSE pending investigation, and asked the company to refund the money to the investors.
«Trafiksol is directed to refund the money paid by the investors, who have been allotted shares in the Initial Public Offering,» Sebi's 16-page order said.
The market watchdog has also directed BSE to oversee the refund process in coordination with the bankers to the issue and the refund process must be completed within one week.
Following the refund of the money, the depositories will be required to transfer the allotted shares of the company to a separate demat account opened in the name of the company.
«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,» the order said.
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