A Mumbai special court has directed the Anti-Corruption Bureau (ACB) to register an FIR against former SEBI chairperson Madhabi Puri Buch and five other officials over alleged stock market fraud and regulatory violations. The court found prima facie evidence of lapses and collusion, necessitating an impartial probe. The accused include BSE’s MD & CEO Sundararaman Ramamurthy, former chairman Pramod Agarwal, and SEBI’s whole-time members Ashwani Bhatia, Ananth Narayan G, and Kamlesh Chandra Varshney.
The case revolves around the alleged fraudulent listing of a company with SEBI’s approval, despite non-compliance with regulatory norms. The court, citing inaction from law enforcement and SEBI, intervened and mandated a status report within 30 days. Buch, India’s first female SEBI chief, recently completed her tenure amid controversies, including allegations by Hindenburg Research regarding conflict of interest.
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