Sebi bans Varyaa Creations
Markets regulator Sebi has restrained SME company Varyaa Creations Ltd (VCL) from accessing the securities market for alleged diversion of funds raised through its initial public offering (IPO)
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New Delhi: Markets regulator Sebi has restrained SME company Varyaa Creations Ltd (VCL) from accessing the securities market for alleged diversion of funds raised through its initial public offering (IPO). Additionally, the regulator has barred Inventure Merchant Banking Services Pvt Ltd from taking up any new assignment relating to merchant banking activities in the securities market till further directions. Also, the shareholdings of seven promoter group entities have been frozen until further directions, according to an interim order passed by Sebi on Wednesday. Varyaa Creations, which is primarily engaged in wholesale trading of precious metals, and manufacture and sale of jewellery, came out with its Rs 20.10-crore IPO and got listed on the SME platform of the BSE on April 30, 2024.
