Droneacharya’s IPO under scanner: Sebi bars company, promoters from markets, slaps Rs 50 lakh penalty
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The Securities and Exchange Board of India (Sebi) has barred SME company Droneacharya Aerial Innovations (DIAL) and its promoters, Prateek Srivastava and Nikita Srivastava, from accessing the securities market for two years after finding them guilty of misusing IPO proceeds, misrepresenting financial statements, and diverting company funds. Sebi has also restrained corporate advisory firm Instafin Financial Advisors, its partner Sandeep Ghate, and Micro Infratech Pvt. Ltd. from the markets, and imposed a total monetary penalty of Rs 75 lakh on the involved entities. The penalty on the company and its promoters alone accounted for Rs 50 lakh. Droneacharya Aerial Innovations' stock has been listed on the BSE SME platform since December 23, 2022, and it imparts drone operation training, drone supply and maintenance services and management consultancy and training services. DAIL launched its IPO between December 12, 2022, and December 15,...