Mumbai Court Orders Corruption Probe Into Ex-SEBI Chief and Five Officials

The Anti-Corruption Bureau has been directed to investigate allegations of regulatory lapses, financial fraud, and collusion involving Madhabi Puri Buch and others.

A special Mumbai court has instructed the Anti-Corruption Bureau (ACB) to file an FIR against former SEBI chairperson Madhabi Puri Buch and five other officials over alleged stock market fraud and regulatory violations.
The allegations include fraudulent company listings on the stock exchange facilitated by regulatory authorities, bypassing compliance with SEBI rules and regulations.
The complainant, a journalist, accused the officials of enabling corporate fraud and market manipulation while failing in their statutory duties, prompting judicial intervention after inaction by law enforcement.
The court emphasized the existence of prima facie evidence and will monitor the investigation, requiring a status report within 30 days.
Madhabi Puri Buch, India's first female SEBI chief, recently completed her tenure, which included both regulatory advancements and controversies like conflict of interest allegations linked to the Adani Group.