India's securities regulator uncovers accounting frauds in small businesses' shares, leading to bans and raising concerns about price manipulation in tiny IPOs.
Fraud concerns arise as India's securities regulator uncovers accounting frauds in small businesses' shares, posing risks to the booming tiny IPO market. Two companies, Varanium Cloud Ltd. and Add-Shop E-Retail Ltd., had manipulated financial statements, leading to bans from the capital market. The crackdown follows warnings of price manipulation in tiny IPOs, potentially leading to greater regulatory action and tempering gains in S&P BSE SME IPO Index, which has soared 5,000% since 2021's start.
May 14, 2024
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