Mumbai, March 4- The Bombay High Court has stayed the order of a special court to register an FIR against former SEBI chief Madhavi Puri Buch and others for fraud in the stock market.
It is worth noting that the special court had directed the Anti-Corruption Bureau (ACB) to register an FIR against former SEBI chairperson Madhavi Puri Buch and five other officials for stock market fraud and regulatory irregularities. These officials are associated with the Bombay Stock Exchange and the Securities and Exchange Board of India.
Special court judge Shashikant Eknathrao Bangar had said in the order that prima facie irregularities and collusion are found in this regard, which requires an impartial investigation. Apart from Buch, the other officials against whom the court has ordered the registration of FIRs include Bombay Stock Exchange (BSE) Managing Director and Chief Executive Officer Sundararaman Ramamurthy, then Chairman and Public Interest Director Pramod Agarwal and three Sebi members Ashwini Bhatia, Anant Narayan and Kamlesh Chandra Varshne. The court had said that it will monitor the investigation and submit a report on the matter within 30 days. The orders were passed following a complaint by Sapna Srivastava (47). The complainant had sought an investigation into alleged crimes of large-scale financial fraud, regulatory violations and corruption.