Trouble Mounts for Former SEBI Chief Madhabi Puri Buch; Court Directs FIR Registration

Mumbai (The Uttam Hindu): A special court in Mumbai has ordered registration of a first information report (FIR) against former Securities and Exchange Board of India (SEBI) chief Madhabi Puri Buch and five other persons for alleged stock market fraud and regulatory violations.

In his order, special Anti-Corruption Bureau (ACB) court judge Shashikant Eknathrao Bangar said there was prima facie evidence of violation of rules and collusion, which required a fair and impartial probe.

The court also made it clear that it will monitor the investigation and directed to submit the status report of the case within 30 days.

The order comes in the context of a case related to alleged irregularities in the stock market, in which Madhabi Puri Buch and other individuals are accused of violating regulatory provisions and being involved in fraud. The court's order has paved the way for a formal investigation into the matter and more details are expected to emerge in the coming days.