Sebi bars Trafiksol ITS and its promoters from securities market

The Securities and Exchange Board of India (Sebi) has barred Trafiksol ITS Technologies Ltd and its promoter-directors, Jitendra Das and Poonam Das, from the securities market for one year. The regulator also imposed total penalties of Rs 1.05 crore, with fines distributed as Rs 30 lakh for the company, Rs 50 lakh for Jitendra Das, and Rs 25 lakh for Poonam Das.

The action follows investigations into irregularities surrounding the company’s SME IPO in September 2024. Sebi’s 85-page order cited serious violations, including overstated financial disclosures through unsupported revenue recognition and issues regarding the proposed deployment of IPO proceeds. Concerns had previously been raised regarding the capability of a proposed software vendor, Oasis Corpcare, leading to a deferred listing and an investigation into the company's financial transparency.