Former Sebi President Madhabi Puri Buch. (File)
In the case of fraud associated with the stock market, a sword of action is hanging on former Sebi president Madhabi Puri Buch. A special court in Mumbai has directed the Anti -Corruption Bureau (ACB) to register an FIR against five others, including Madhbi Puri Buch, in connection with alleged fraud and regulatory violations in the stock market. According to PTI news, Special ACB Court Judge Shashikant Eknathrao Bangar said in an order passed on Saturday that prima facie there is evidence of regulatory omissions and connivance, which requires fair and fair investigation.
Status report sought within 30 days
According to the news, the Special Court said that it would monitor the investigation and sought a status report within 30 days. In the order, the court has also said that a cognizable offense is revealed in the allegations, which is necessary to investigate. Judicial intervention is required under the provisions of the CRPC (Criminal Procedure) due to the inaction of the Law Enforcement (agencies) and the inaction of the Securities and Exchange Board of India (SEBI). Explain, the complainant had demanded an inquiry into the alleged crimes committed by the proposed accused, including large -scale financial fraud, regulatory violations and corruption.
The case is also related to the company’s fraud listing
Charges relate to the fraudulent listing of a company at the stock exchange with active collusion of regulatory authorities, especially SEBI, in which the rules and regulations under the SEBI Act, 1992 and it were not complied with. The complainant claimed that SEBI officials failed their statutory duties, facilitated manipulation in the market, and enabled corporate fraud by allowing listing of the company that did not meet the fixed norms. The complainant says that despite contacting the police station and concerned regulatory bodies on several occasions, they have not taken any action.
The first woman SEBI chief was accused
After considering the content on the record, the court directed the ACB Worli, Mumbai region to register an FIR under the relevant provisions of the IPC, Prevention of Corruption Act, SEBI Act and other applicable laws. India’s first female SEBI chief Booch, who faced a three-year term on Friday, who faced his three-year term on Friday, who was accused of conflict of interest by the US-based short-seler Hindonberg and thereafter.
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