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Former SEBI chairperson Madhabi Puri Buch has been accused of fraud related to share listing.
The Bombay High Court stayed today i.e. on Tuesday (March 4) on the order of the Special Court to register an FIR on 6 officers, including former SEBI chairperson Madhabi Puri Buch. Buch challenged this special court order in the High Court, which was heard by Justice SG Digy.
The High Court said- “The complainant has sought time to file a reply. After listening to all the parties, it seems that the judge has passed the order without going to the details and without telling the applicants. Therefore, the order has been stopped.”
A special anti-corruption court in Mumbai ordered an FIR on Saturday (1 March 2025) in the share fraud-related case. This order was given by Special Judge SE Bangar on a petition filed by Thane based journalist Sapan Srivastava. Sapan accused the stock exchange of large -scale financial frauds and corruption in the company’s listing.
Complainator’s charge, he suffered damage due to rigging
Srivastava claimed that he and his family had invested in shares of Calcs Refinery Limited on 13 December 1994, in which they suffered heavy losses. He alleged that SEBI and BSE ignored the company’s crimes.
Listed it against the law and failed to protect the interests of investors. Calcs refinery was allowed listing in 1994 and was suspended from trading in August 2017. This stock is suspended till date.
Three arguments of the complainant …
- SEBI officials failed their legal duty.
- The market was allowed to be rigged, causing damage to investors.
- Permission for listing of the company that did not meet the rules.
Three arguments of SEBI …
- Butch and the three Holtime members were not in their respective positions at that time (1994).
- The court passed the order without giving SEBI a chance to keep the facts on record.
- The applicant is a habitual plaintiff. The previous applications were rejected by the court.
FIR order on six people including Madhavi Buch
- Former SEBI chief Madhabi Puri Buch
- Hole time member Ashwani Bhatia of SEBI
- Anant Narayan, the hole time member of Sebi
- Kamlesh Chandra Varshney of SEBI Hole Time Member
- BSE Chairman Pramod Aggarwal
- BSE CEO Sundarman Ramamurthy
ACB was asked to submit a status report within 30 days
Special Court Judge Bangar ordered an FIR under the Anti-Corruption Bureau (ACB) of Mumbai, the Indian Penal Code, Prevention of Corruption Act. The court also asked ACB to submit a status report within 30 days.
Now know about Madhabi Butch
Buch started his career in 1989 from ICICI Bank. From 2007 to 2009, ICICI was the Executive Director in the Bank. She was the managing director and CEO of ICICI Securities from February 2009 to May 2011.
She moved to Singapore in 2011 and worked there at Greater Pacific Capital. Madhabi has a 30 -year long experience in the financial sector. In 2022, he was made the chairperson of SEBI.
2 big allegations against SEBI Chief …
- American company Hindonburg Research claimed that Madhabi Puri Buch and her husband Dhawal Buch had a stake in the offshore company associated with Adani Group.
- The Congress party was also accused by the Congress party. The Congress had accused 3 places including ICICI Bank of taking salary while joining SEBI.
Madhabi Buch retires from the post of SEBI Chief on 28 February
Madhabi Puri Buch retired from the post of SEBI Chief on 28 February. In his place, the Central Government has appointed Finance Secretary Tuhin Kant Pandey as the next SEBI chief. Tuhin will hold this position for the next 3 years.
Tuhin Kant Pandey is a 1987 batch IAS officer of Odisha cadre. He is one of the busiest secretaries in India in the Modi 3.0 government. They are currently handling four important departments in the central government. He was appointed to the post of Finance Secretary on 7 September 2024.
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