SEBI has recently imposed a penalty of more than Rs. 53 crores (530 million) against 16 entities and 9 of their directors for their involvement in siphoning IPO proceeds off Brooks Laboratories Ltd. SEBI found the entities, acting along with the directors of Brooks Labs, guilty of diverting the IPO proceeds for the repayment of certain fraudulently created Inter-Corporate Deposits (ICDs) which had detrimentally affected other investors. This is perhaps the largest penalty imposed by the regulator.