SEBI imposed 2 year ban on Droneacharya and promoters over IPO fund misuse

SEBI has imposed a two-year market ban on Droneacharya Aerial Innovations and its promoter-directors Prateek Srivastava and Nikita Srivastava, calling out a web of misstatements, fund diversion and fictitious revenues that misled investors both before and after the company’s IPO. 

The Pune-based drone startup, which listed on the BSE SME platform in December 2022, raised nearly Rs 34 crore through its public issue, but SEBI’s order says the company used a large part of those funds in ways completely at odds with what it disclosed in its…