Mumbai’s Special Anti-Corruption Court on Saturday by Indian securities and Exchange board (sebi) Former chairperson Madhabi Puri Buch has ordered to register an FIR against several top officials. The case is related to an alleged stock market scam and regulatory violations.
What is the matter?
Thane journalist Sapan Srivastava filed a petition in the court alleging that there were large -scale financial disturbances during the listing of a company, in which SEBII officials could be in collusion. According to the petitioner, the regulators did not follow their legal responsibilities, causing manipulation in the market and the investors suffered heavy losses.
Who are the accused?
Those who have been accused in the case include former SEBI chairperson Madhabi Puri Buch, full -time members Ashwini Bhatia, Anand Narayan Ji and Kamlesh Chandra Varshanya. In addition, the names of Bombay Stock Exchange (BSE) chairman Pramod Aggarwal and CEO Sundarman Ramamurthy are also lodged in the complaint. However, none of these appeared in court during the hearing.
What does the court say?
The court, considering the matter serious, said that prima facie cognizable offenses indicate and its fair investigation is necessary. The court directed the Mumbai Anti-Corruption Bureau (ACB) to register an FIR under the relevant sections of the Indian Penal Code, Prevention of Corruption Act and SEBIS Act.
Report sought in 30 days
The court has ordered ACB to present the status of the case in the court within 30 days. The court says that this scam shows the inaction of regulators, so fair and independent investigation is necessary.
Now it will be interesting to see what comes in the investigation and whether there is any truth in these allegations or not.