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The regulator said entities such as Infinite Beacon, IB Prop Desk and Sispay TFS raised funds while presenting themselves as being associated with the SEBI-registered broker.
The IPO comprises of fresh issue of equity shares of up to Rs 660.7 crore, and an offer for sale (OFS) of up to 28.6 million equity shares by shareholders.
The planned share sale will involve issuing new equity worth up to Rs 1,000 crore while allowing early backers to divest roughly 8.8 million existing shares.
The public issue comprises a fresh share issuance worth Rs 1,020 crore and an offer for sale (OFS) of around Rs 5,000 crore by existing shareholders.
Pine Labs, which competes which other fintech companies such as Paytm, Walmart's PhonePe and Razorpay, had filed draft papers for its IPO in June.
He will succeed Madhabi Puri Buch, whose tenure as SEBI chief ends on February 28, 2025.
