“Few” investor complaints to FRA were those who “lost” on Sarwa IPO says Beltone’s El Sahrawy: Beltone Financial Investment Banking head Sobhy El Sahrawy said he was unaware how many investors complained to the Financial Regulatory Authority (FRA) about alleged irregularities in the Sarwa Capital IPO, but said it was unlikely there were more than four investors, whom he described as “having lost on the transaction.” He reiterated that there were no irregularities by Beltone during the IPO, saying that the FRA’s six-month suspension of IPO activity came as a shock. He told Reuters last week that the investment banking arm currently has 10 mandates for IPOs and M&As signed. The FRA had put in place the suspension over what it alleges as “irregularities” during the Sarwa IPO. Sources had said later that the FRA investigation had been prompted by investor complaints and not the 11% dip in price of Sarwa’s shares during its first day of training.