The Securities and Exchange Board of India (SEBI) has announced that it will take “appropriate legal steps” to challenge an Anti-Corruption Bureau (ACB) court order directing the registration of a First Information Report (FIR) against former SEBI chairperson Madhabi Puri Buch and five other officials over alleged stock market fraud and regulatory violations.

A special Mumbai court instructed the Anti-Corruption Bureau (ACB) to register an FIR against Buch over allegations of stock market fraud and regulatory breaches. The judge, Shashikant Eknathrao Bangar, stated there is "prima facie evidence of regulatory lapses and collusion," warranting a thorough investigation.

Even though these officials were not holding their respective positions at the relevant point of time, the court allowed the application without issuing any notice or granting any opportunity to SEBI to place the facts on record,

Reacting to the court’s order, SEBI, in a statement said it "would be initiating appropriate legal steps to challenge this order and remains committed to ensuring due regulatory compliance in all matters".

The alleged financial fraud in contention had supposedly happened back in 1994. The complainant contended that SEBI officials failed in their statutory duty.

SEBI to challenge Mumbai court order allowing FIR against ex-chief Madhabi Puri Buch over alleged financial fraud.

A special court in Mumbai ordered a corruption investigation FIR against Ex-SEBI chief Madhabi Puri Buch and five other individuals on March 2.

Apart from Buch, the other officials named in the FIR include BSE Managing Director and Chief Executive Officer Sundararaman Ramamurthy, its then chairman and public interest director Pramod Agarwal, and SEBI’s three whole-time members—Ashwani Bhatia, Ananth Narayan G, and Kamlesh Chandra Varshney.

A special court in Mumbai has directed the Anti-Corruption Bureau (ACB) to register a first information report (FIR) against former Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch and five other officials in connection with alleged stock market fraud and regulatory violations.

It is alleged that a company was fraudulently listed on the stock exchange with the active involvement of regulatory authorities, particularly SEBI, bypassing compliance requirements under the SEBI Act,

An FIR has been filed against former SEBI Chief Madhabi Puri Buch and five other officials in connection with alleged stock market fraud. The case involves accusations of financial misconduct and regulatory violations.