Ex-SEBI Chief Madhabi Puri Buch, 5 others challenge Stock market ‘Fraud’ FIR in Bombay HC
Former SEBI chief Madhabi Puri Buch and five others moved the Bombay High Court on Monday, seeking to quash a special court’s order directing an FIR against them for alleged stock market fraud. The court will hear their plea on March 4, 2025.
The Anti-Corruption Bureau (ACB) has been instructed not to act on the special court’s order until then.
What is the case about?
A special ACB court, led by Judge Shashikant Eknathrao, ordered an FIR against Buch and five other officials, alleging stock market fraud and regulatory violations. The court will monitor the investigation and has asked for a status report within 30 days.
The accused officials include:
- Sundararaman Ramamurthy – BSE Managing Director and CEO
- Pramod Agarwal – Former BSE chairman and public interest director
- Ashwani Bhatia, Ananth Narayan G, and Kamlesh Chandra Varshney – SEBI’s then whole-time members
SEBI responded, stating it would take legal steps to challenge the order and remains committed to regulatory compliance. Meanwhile, BSE dismissed the allegations, calling the case “frivolous and vexatious.”
