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SEBI Cracks Down On DroneAcharya, Founders Over IPO Fraud, Revenue Inflation

Inc42 · 22d ago

SEBI Cracks Down On DroneAcharya, Founders Over IPO Fraud, Revenue Inflation

SEBI has fined DroneAcharya and its founders INR 75 Lakh and barred them from the securities market for up to two years due to IPO fraud and revenue inflation. The company's assets are frozen amidst ongoing investigations. SEBI alleges that DroneAcharya fabricated around 35% of its FY24 revenue and misled investors with promises of high returns. The penalties include INR 10 Lakh on the company, INR 20 Lakh each on the founders, and INR 10 Lakh on related advisors.

Related News

Droneacharya’s Fall: Is Sebi Really After Ranbir & Aamir?

StartupTalky

StartupTalky · 19d ago

Droneacharya’s Fall: Is Sebi Really After Ranbir & Aamir?

Droneacharya, a drone company that quickly rose in fame with celebrity investments, faced a major downfall after its 2022 IPO. SEBI discovered fraudulent practices, including misuse of IPO funds and fake revenue reports. The company was banned from the securities market for two years, fined INR 75 lakh, and its assets were restricted. While celebrities like Ranbir Kapoor and Aamir Khan invested in Droneacharya, they were not implicated in the wrongdoing. The stock collapsed, impacting investor confidence.

DroneAcharya shares climb to 12.88% amid expansion plans

Inshorts · 1y ago

DroneAcharya shares climb to 12.88% amid expansion plans

Shares of DroneAcharya Aerial Innovations rallied as much as 12.88% to touch an intraday high of ₹131.00 on the BSE on December 16 after the company announced its strategic expansion into the Middle East through a new subsidiary in Abu Dhabi. The expansion comes as DroneAcharya reported H1FY25 PAT of ₹1.50 crore, down 62.1% YoY, despite revenue growing 28.8% to ₹26.90 crore.

Sebi relaxes Esop norms for IPO-bound startup founders

Economic Times

Economic Times · 6m ago

Sebi relaxes Esop norms for IPO-bound startup founders

India's capital markets regulator, SEBI, has approved measures to ease business operations for startups, including allowing founders to retain employee stock options post-IPO. Startup founders classified as promoters were previously barred from holding such benefits. This policy change aids founders with ESOPs acquired over a year before IPO documentation. Other SEBI changes include permitting public sector companies to voluntarily delist from stock exchanges and easing alternative investment fund (AIF) norms to boost investment opportunities.

SEBI doesn’t return IPO document if it lacks correct voice: Buch

Inshorts · 1y ago

SEBI doesn’t return IPO document if it lacks correct voice: Buch

SEBI Chairperson Madhabi Puri Buch said she was “amused” when she heard a market participant say SEBI can return an IPO document if it has been drafted in an incorrect voice (active/passive). Giving examples of actual reasons why SEBI may return IPO document, Buch said director of applicant company may be under investigation for fraud in a previous IPO.

ETtech Explainer: Winzo founders' arrests, centre’s fraud charges a moment of reckoning for Indian gaming - The Economic Times

Economic Times

Economic Times · 23d ago

ETtech Explainer: Winzo founders' arrests, centre’s fraud charges a moment of reckoning for Indian gaming - The Economic Times

The founders of gaming company Winzo have been arrested on money laundering charges, as the Indian government cracks down on real money gaming. The Enforcement Directorate has accused Winzo of bot fraud, withholding funds, and capital flight. These actions coincide with the government's defense of a ban on real money gaming, citing concerns over financial fraud, terror financing, and social costs. This situation highlights increased scrutiny and challenges for the Indian online gaming industry.

Droneacharya shares plunge 20% after SEBI’s two-year ban on promoters

Entrackr

Entrackr · 19d ago

Droneacharya shares plunge 20% after SEBI’s two-year ban on promoters

Shares of Droneacharya Aerial Innovations tanked nearly 20% on Monday, hitting the lower circuit on the BSE SME platform, a day after SEBI barred the company and its promoters from accessing the securities market for two years. The stock fell to Rs 45.38 as investors reacted sharply to the regulator’s findings. Droneacharya had made its market debut in December 2022, listing at around Rs 102, nearly 90% above its issue price of Rs 54. The sell-off followed SEBI’s detailed order, which uncovered multiple violations by the Pune-based drone startup. The regulator said Droneacharya diverted IPO proceeds, inflated revenues, issued misleading corporate announcements, and carried out undisclosed related-party transactions. In its order, SEBI said the promoters had “knowingly misrepresented” the company’s financials and disclosures, creating a false impression of growth and business activity. The regulator added that the scale and nature of these violations warranted a two-year ban on both the company and its promoters to protect investor interest and uphold market integrity. SEBI also imposed a total penalty of Rs 75 lakh on the company. With the regulator calling out serious lapses in disclosures and financial reporting, the market reaction was immediate. The 20% crash reflects shaken investor confidence and signals how quickly sentiment can reverse when compliance failures come to light.

'Founders have done the fraud. Do not expect any refund of your wallet money': BluSmart tells customers

IndianStartupNews

IndianStartupNews · 2m ago

'Founders have done the fraud. Do not expect any refund of your wallet money': BluSmart tells customers

BluSmart, once a notable electric ride company, announced it ceased operations in February 2025, with allegations of fraud against its founders. Customers were warned not to expect refunds for wallet balances, as even employees went unpaid for months. Official suspension occurred in April following a SEBI order on fund diversion. The company, now under insolvency proceedings, had previously secured over $100 million and completed over 10 million rides. Some customers recovered funds via credit card chargebacks.

SEBI steps up scrutiny of IPO documents

VCCircle

VCCircle · 1y ago

SEBI steps up scrutiny of IPO documents

India's market regulator, the Securities and Exchange Board of India (SEBI), is increasing its scrutiny of issue documents filed by companies going public. This move comes amidst a rise in initial public offerings (IPOs) in the Indian market, with nearly 50 companies launching public issues in 2023. SEBI has returned at least six public offer documents, citing misleading reasons for fundraise. The regulator is particularly focused on how companies intend to use funds raised from the IPO, checking for compliance with SEBI rules on fund usage. SEBI is also investigating IPOs for alleged subscription number inflation.

Sebi pulls up Paytm founder Vijay Shekhar Sharma, director on IPO breaches: report

Economic Times

Economic Times · 1y ago

Sebi pulls up Paytm founder Vijay Shekhar Sharma, director on IPO breaches: report

The Securities and Exchange Board of India (Sebi) has issued show-cause notices to Paytm founder Vijay Shekhar Sharma and other board members regarding alleged misrepresentation of facts during the company's IPO in November 2021. The issue relates to Sharma's classification as an employee rather than a large shareholder during the IPO filing. Sebi has questioned the directors' support for Sharma's view. Paytm has disclosed the notices and is engaging with Sebi on the matter. Paytm shares fell after the news broke. Sebi had previously considered changes to its rules concerning the ownership of tech startup shares by founders and family members.

PhysicsWallah files updated papers for Rs 3,820 crore IPO, Alakh Pandey, Prateek Maheshwari to pare stake - The Economic Times

Economic Times

Economic Times · 3m ago

PhysicsWallah files updated papers for Rs 3,820 crore IPO, Alakh Pandey, Prateek Maheshwari to pare stake - The Economic Times

PhysicsWallah (PW) has filed an updated draft red herring prospectus with SEBI to raise Rs 3,820 crore through a combination of fresh issue and an offer-for-sale by co-founders. The funds will support setting up new centers, lease payments, and acquisitions. PW, initially a YouTube channel, expanded into a diverse education platform with significant growth in revenue and user engagement. Co-founders hold 80.7% pre-IPO stake, marking a notable move post-Byju’s market challenges.

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