After chemists' body, traders' body CAIT urges SEBI to reject PharmEasy's IPO request

Traders' Body Confederation of All India Traders (CAIT) has written to the Security and Exchange Board of India (SEBI) urging the market regulator to dismiss the IPO proposition of e-pharmacy company PharmEasy. CAIT has reasoned that the sale of medicines over the internet is not allowed according to an order passed by the Delhi High Court in 2018. CAIT has alleged that the business model of PharmEasy is "entirely based on gross illegality". The traders' body has pointed out many discrepancies in the DRHP (draft red herring prospectus) of API Holdings, the parent firm of PharmEasy.