What's wrong with new SME IPOs

Stocks IPOs
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i am noticing a steep decrease in some of the recently launched SME IPOs.
First is Trekkintoes,com(Hippocabs Ltd) listed in BSE M group, which has issue price of 100 and from 11 Sept 2020 it is on continuous lower circuit till now and now is only 12.6. And also it has a lot size of 1200 shares. So, more than 1 lakh rs. lost on 1 lot only.

Second is Party Crusiers which is listed on NSE Emerge platform, which listed in March itself is now trading at continuous LCs at 22.80, more than 50% eroded in 15 trading sessions. And also it has lot of 2000 shares.

Another interesting thing i am noticing that these stocks have high sellers so chances of selling them even at LC are very very less. There was another stock Waa solar which was listed on BSE M group 2-3 years back and it had came down to 15rs against issue price of 160.

Is there no one watching the wealth of investors getting eroded. Where is SEBI, Regulators? Why no action is taken against these companies. Small retail investors should stay away from these fraud sme listings

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Finshots also wrote about this sometime back -

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i have also seen a company whose registered office was inside a shopping mall. Most of these companies are nothing but fraud and shell companies, and around 50% have fallen around 90-98% from all time highs

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when retailers stop investing in these companies, game will automatically stop!.Its mostly unrealistic greed in the market which leads to these traps.! Only then good business will dare to go for an IPO .