Overview

• A special Anti-Corruption Bureau (ACB) court in Mumbai directed the registration of an FIR against former SEBI chairperson Madhabi Puri Buch and five other officials for alleged regulatory violations and stock market fraud.
• The allegations involve the fraudulent listing of a company in 1994, reportedly facilitated by SEBI officials despite non-compliance with regulatory norms under the SEBI Act, 1992.
• The court emphasized the need for judicial intervention due to inaction by law enforcement agencies and SEBI, requiring a status report within 30 days of the investigation.
• SEBI and the Bombay Stock Exchange have dismissed the allegations, labeling the complainant a habitual litigant, and announced plans to challenge the court order through legal measures.
• Madhabi Puri Buch, who recently completed her tenure as SEBI's first female chairperson, previously faced unrelated accusations, including conflict of interest claims linked to the Adani Group, which she denied.