Markolines Pavement Technologies Pays ₹12.35 Lakh To Settle SEBI Case over IPO Disclosure Lapses
Moneylife Digital Team 27 April 2026
Markolines Pavement Technologies Ltd has settled proceedings with the Securities and Exchange Board of India (SEBI) by paying ₹12.35 lakh in a case related to non-compliance with disclosure requirements on the utilisation of proceeds from the company’s initial public offering (IPO).
 
The case relates to alleged violations by Markolines Pavement Technologies which is listed on the BSE’s SME platform.
 
SEBI’s examination, based on inputs from BSE, found that the company failed to submit the mandatory statements of deviation or variation in the utilisation of funds raised through its September 2021 IPO. These disclosures are required to be filed on a half-yearly basis under Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
 
According to the regulator, this lapse persisted during the examination period from September 2021 to September 2024, indicating non-compliance with the prescribed disclosure norms intended to ensure transparency for investors regarding the use of IPO proceeds.
 
Following the issuance of a show-cause notice (SCN) in May 2025, the company opted to settle the matter under the SEBI (Settlement Proceedings) Regulations, 2018. During discussions with SEBI’s internal committee (IC), the company confirmed that it had subsequently filed the pending statements along with supporting documents.
 
After multiple rounds of deliberations, SEBI’s IC recommended a settlement amount of ₹12.35 lakh. The high-powered advisory committee (HPAC) endorsed this recommendation in January 2026, which was later approved by a panel of whole-time members (WTM) in March 2026.
 
The company accepted the terms and remitted the settlement amount which was confirmed by SEBI in April 2026. Accordingly, the regulator disposed of the adjudication proceedings without admitting or denying guilt.
 
SEBI clarified that the settlement order is subject to certain conditions and retains the right to reopen the case if any misrepresentation is found or if the company fails to comply with the agreed terms.
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