In a sweeping regulatory intervention, the Securities and Exchange Board of India (Sebi) has barred Synoptics Technologies Ltd and its promoters from accessing the securities market, citing evidence of a coordinated effort to siphon off IPO proceeds. The crackdown follows a detailed probe revealing that over half of the IPO funds—Rs. 19 crore out of Rs. 35.08 crore raised—were allegedly misappropriated under inflated issue-related expenses.