The Bombay High Court has temporarily stayed the registration of an FIR against former SEBI Chairperson Madhabi Puri Buch and other top officials in an alleged BSE listing fraud case. The case involves financial fraud, insider trading, and regulatory violations related to the listing of a company on the Bombay Stock Exchange (BSE) in 1994.
Justice SG Dige, while hearing the urgent plea, directed the Anti-Corruption Bureau (ACB) not to act on the special court order until the next hearing. The matter will be taken up for further arguments tomorrow.
FIR was ordered by Special Judge Shashikant Eknathrao Bangar against Buch, three SEBI whole-time directors (Ashwani Bhatia, Ananth Narayan G, Kamlesh Chandra Varshney), and two BSE officials (Pramod Agarwal & Sundararaman Ramamurthy).
The complaint, filed by journalist Sapan Shrivastava, alleges regulatory lapses, market manipulation, and insider trading in violation of the SEBI Act, ICDR Regulations, LODR Regulations, and Prevention of Corruption Act.
The court found a prima facie case and ordered a probe due to the alleged inaction by SEBI and law enforcement agencies.
Solicitor General Tushar Mehta represented the SEBI officials, while Senior Advocate Amit Desai appeared for the BSE executives.
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