Adjudication Order received from Securities Exchange Board of India

Interactive Financial Services Ltd received a SEBI Adjudication Order dated June 5, 2025, disposing of a Show Cause Notice issued to the company on January 23, 2025. The case related to the company's role as Manager to the Open Offer for Vikalp Securities Limited, where SEBI had alleged violations of SAST and Merchant Banking regulations due to a Rs. 37 shortfall in the escrow account deposit (against the required Rs. 49,59,375) and corresponding inaccuracies in the Detailed Public Statement and Draft Letter of Offer. The company had accepted the shortfall as an inadvertent clerical error and rectified it on June 12, 2024. The Adjudicating Officer found that the alleged violations were not established, noting the deficit was too trivial and there was no evidence of failure to exercise due diligence. No monetary penalty has been imposed and there is no financial or operational impact on the company.