Will challenge order: Sebi after court directs case against ex-chief Madhabi Buch
The Securities and Exchange Board of India (Sebi) on Sunday said that it will soon initiate legal steps to challenge the special Anti-Corruption (ACB) court which directed an FIR to be filed against former chairperson Madhabi Puri Buch and other officials in connection with alleged stock market fraud and regulatory violations.
The capital market regulator, in a statement issued Sunday, dismissed the complainant as a “frivolous and habitual litigant”, vowing to take appropriate legal steps to challenge the order.
“The applicant is known to be a frivolous and habitual litigant, with previous applications being dismissed by the Court, with imposition of costs in some cases. SEBI would be initiating appropriate legal steps to challenge this order and remains committed to ensuring due regulatory compliance in all matters,” the Sebi statement read.
The ACB court, acting on a miscellaneous application filed by Sapan Shrivastava, directed the Mumbai Anti-Corruption Bureau to register an FIR against Buch, whole-time members Ashwani Bhatia, Ananth Narayan, and Kamlesh Chandra Varshney, along with Bombay Stock Exchange (BSE) CEO Sundararaman Ramamurthy and former chairman and public interest director Pramod Agarwal. The order was passed on March 1.
“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,” Sebi statement added.
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