The Securities and Exchange Board of India (Sebi) on Friday barred Trafiksol ITS Technologies and its promoters Jitendra Narayan Das and Poonam Das from accessing the securities market for one year and imposed a total penalty of ₹1.05 crore for alleged lapses in the company’s initial public offering (IPO).
The final order follows Sebi’s investigation into Trafiksol’s proposed ₹44.87 crore SME IPO, which was deferred in September 2024 after complaints raised concerns over the proposed use of proceeds, including ₹17.70 crore earmarked for software procurement from Oasis Corpcare.
The regulator had subsequently ordered the IPO proceeds to be kept in an interest-bearing escrow account and later directed a refund to investors and cancellation of the shares allotted.
Sebi found multiple serious violations, including misleading financial disclosures, concealment of material facts and submission of false information concerning Oasis. It alleged that the company’s financial disclosures overstated its operations and that a fabricated quotation had been used for a substantial portion of the proposed issue proceeds.
First Published: Aug 28 2026 | 7:17 PM IST