Sebi fines 2 entities in Onelife Capital IPO

Sebi has imposed a fine of Rs 10 lakh each on Fincare Financial and Consultancy Services and Precise Consulting & Engineering for failing to furnish documents sought by the regulator in the matter of Onelife Capital Advisors' IPO.
The Securities and Exchange Board of India (Sebi), in two separate orders, had sought information regarding 'leave and license agreement' issued to these entities, details of all bank account statement of these entities, details of annual reports as well as shareholding pattern and among others.
"I am of the view that the 'leave and license agreement' furnished by the noticee (Fincare Financial and Consultancy Services and Precise Consulting & Engineering) to the IA in response to the summons (issued by Sebi)...Was indeed a false and forged information," Sebi Adjudicating Officer A Sunil Kumar said in orders dated December 23.

"Therefore, furnishing of 'false/forged information' clearly amounts 'not furnishing the required information' and is in fact more serious than 'non furnishing' of information," he added.
On noticing suspicious transfer of the proceeds of IPO (Initial Public Offer) of the company to certain entities including these two entities, Sebi conducted investigation into the matter of IPO.