A special court in Mumbai on Saturday ordered the registration of an FIR against the top official of the Securities and Exchange Board of India (SEBI), including former SEBI chairperson Madhabi Puri Buch. Bombay Stock Exchange (BSE) also comes in the list of alleged fraud and regulatory violations of the stock market.
Special Judge SE Banger passed the order on a petition filed by Thane-based journalist Sapan Shrivastava, who accused a large number of financial fraud and corruption in the listing of the company on the stock exchange.
According to the complainant, the SEBI officials failed to play their duty to maintain financial value. The fluctuation increased with manipulation that enabled corporate fraud by allowing the listing of companies that did not meet the prescribed norms.
The complaint accused SEBI officials of permitting unauthorized access to companies that failed to meet official regulatory norms. This becomes the reason behind market manipulation.
In the last few months, the share market has continuously been up and down. While this market is manipulated by companies that lose the trust of the investor from the market. The complainant accused Madhabi Puri with Ashwani Bhatia, Ananth Narayan G, and Kamlesg Chandra Varshney, along with the BSE chairman behind the scenes.
Reviewing the complaint, the judge found prima facie evidence of wrongdoing and directed the Anti-Corruption Bureau (ACB), Mumbai, to file an FIR under the relevant provision of the Indian Penal Code.
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