Overview

• 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.