New Delhi, May 14 -- The Securities and Exchange Board of India (Sebi) on Wednesday froze the promoter shareholding of jewellery firm Varyaa Creations Ltd (VCL) and barred the company from accessing the capital markets after it allegedly found large-scale diversion of initial public offering (IPO) proceeds on the day of listing.

The promoters of Varyaa are Pooja Vineet Naheta, Sarika Amit Naheta, Jaineshaa Amit Naheta and Pari Vineet Naheta. They collectively control over 70% of equity in Varyaa Creations Ltd.

The market regulator also restrained lead manager Inventure Merchant Banking Services Pvt Ltd from taking on new merchant banking assignments, pending a full investigation into its role.

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