SEBI Letter Dated May 19, 2026 received on May 22, 2026 through courier.
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Interactive Financial Services Limited received an Administrative Warning Letter from SEBI dated May 19, 2026 (received May 22, 2026). The warning relates to the SME IPO of Rachana Infrastructure Limited, where SEBI found that the company's Offer Document contained misleading disclosure regarding Order Book value — Rs 140 crores (19% of contract value) was stated in the prospectus, but only 5% of the contract value was actually allocated to the company via its Joint Venture Agreement. SEBI determined that the company, acting as a Merchant Banker, failed to conduct adequate due diligence, violating Regulation 245(3) of the ICDR Regulations read with Regulation 13 of the Merchant Bankers Regulations. The company has been warned to improve compliance standards or face enforcement action. The company states there is no material impact on financials or operations.
This is a regulatory warning rather than a penalty, so immediate financial impact appears limited. However, it signals poor compliance practices in IPO-related activities and could attract further SEBI scrutiny. Investors should monitor for any follow-up enforcement actions.