SEBI to Contest Court Order: Former Chief Madhabi Puri Buch Embroiled in Alleged Stock Market Fraud Case

The Securities and Exchange Board of India (SEBI) has assured to challenge a Mumbai special court's direction to file an FIR against ex-SEBI chairperson Madhabi Puri Buch and five others for suspected stock market fraud. The case relates to allegations of regulatory failure and collusion in facilita...

The Securities and Exchange Board of India (SEBI) has assured to challenge a Mumbai special court's direction to file an FIR against ex-SEBI chairperson Madhabi Puri Buch and five others for suspected stock market fraud. The case relates to allegations of regulatory failure and collusion in facilitating the fraudulent listing of a firm. SEBI also termed the plea as "frivolous" and claimed the court proceeded unilaterally without hearing it. The complainant-journalist, Sapan Shrivastava, has made allegations of grand-scale financial frauds and flouting of regulations. The court held that there is prima facie material for the initiation of a criminal case and directed the Anti-Corruption Bureau (ACB) to file a 30-day status report. SEBI stated that it is determined to uphold regulatory compliance and will seek appropriate legal recourse to challenge the order. Source: India Today, Business Standard, NDTV