SEBI’s subscription messages about exit routes appear to be fraudulent and unsolicited. It does not reflect SEBI’s regulation. Before trading fell from 2.2% to 2.6%, Ruchi Soya argued that the message was not from SEBI or its connected parties.
The company traded shares crashed to 15.8% and continued to fall at 3.8%.
SEBI confessed that the text message was misleading. Therefore, it does not reflect SEBI regulations at all. A person involved in the transaction argued that the regulator found discount references in the message. Then, the good investment opportunities are totally fraudulent. Soya is now having a tiny free float of less than 2%, it is a volatile share price, recorded by IFR Asia.
The information in the offering draft can be disclosed to the public. This is according to SEBI rules on public communications circulated by an issuer, associate company, and lead managers or any other intermediary connected with it. Unfortunately, between the long clarification, they do not mention unsolicited messages at all. There is no follow up email about details regarding the violation in the text message asked by IFR Asia from SEBI.
Ruchi Soya handed the message to the police to further investigate who the actual sender is. According to the company, the stock exchange has been disclosed. The part of the message content includes does not meet issuance by our company or any of our directors, promoters, promoter group or group companies.
Analysts argued that it might have something to do with SEBI’s intervention in the appointment in March. It corresponds with the new chair regulator Madhabi Puri Buch. She might have taken a tougher approach than before after several scrutiny in the past. Before, SEBI had scandal with the Ramkrishna case in office misuse. ECM bankers argued that scrutiny continues to appear as there is more demanding proof about the regulators.
