A court files a formal complaint against Madhabi Buch, the former head of SEBI, for alleged stock fraud.
By : Sandhya
The Anti-Corruption Bureau (ACB) has been directed by a special Mumbai court to file a formal complaint (FIR) against Madhabi Puri Buch, the former chairperson of SEBI, and five other officials in relation to alleged stock fraud and regulatory violations. The court requested a status report within 30 days and stated that it will keep an eye on the investigation.
A reporter who was the complainant had requested an investigation into the accused's alleged crimes, which included widespread financial fraud, regulatory infractions, and corruption. The accusations concern the fraudulent listing of a firm on the stock exchange without conformity with the SEBI Act, 1992 and its rules and regulations, with the active cooperation of regulatory bodies, especially the SEBI.
The court decision further stated that an investigation is required because the allegations reveal a crime that is punishable by law. It stated that judicial intervention under the CrPC is required due to the passivity of SEBI and law enforcement agencies.