Sigma Solve Limited has informed the Exchange about General Updates
SIGMA · price
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On the reaction day the stock moved 0.7 pts more than Nifty Microcap 250 and 0.3 pts more than its IT Enabled Services peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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SEBI has passed an adjudication order dated September 25, 2025 against Sigma Solve Limited, imposing a monetary penalty of Rs. 2,00,000 under Section 15HB of the SEBI Act. The order relates to three alleged violations: (1) using about 30.6% of IPO proceeds for General Corporate Purpose, exceeding the 25% cap promised in the prospectus (Rs. 31.57 lakh from public issue expenses was diverted to GCP and used to pay overdraft for a new office); (2) a 50-day delay in submitting the half-yearly statement of deviation in IPO proceeds use for the period ending March 2021; and (3) failure to explain the variation in IPO proceeds usage in the directors' report for FY2022-23. The company's earlier settlement application was rejected by SEBI. The merchant banker Beeline Broking Limited has also been penalised in the same order for related due diligence lapses. Sigma Solve says it will cooperate with SEBI and has not yet quantified any further financial impact.
The penalty of Rs. 2 lakh is small and unlikely to materially affect the stock price, but the order is a regulatory black mark that highlights weak disclosure controls around IPO proceeds usage. Shareholders should note the company's history of deviating from stated IPO objects, even though shareholders had approved the change via special resolution.