sebi madhabi puri buch

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A special court in Mumbai has ordered the Anti-Corruption Bureau (ACB) to file a First Information Report (FIR) against former Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch and five other officials. The allegations pertain to the fraudulent listing of a company on the stock exchange, purportedly facilitated by regulatory authorities, including SEBI, without adherence to the SEBI Act and associated regulations. The complainant, a media reporter, contends that SEBI officials neglected their statutory duties, enabling market manipulation and corporate fraud by allowing the listing of a company that did not meet the prescribed norms. Despite multiple appeals to law enforcement and regulatory bodies, no action was taken, prompting judicial intervention. The court observed prima facie evidence of regulatory lapses and collusion, necessitating a fair and impartial probe, and has directed the ACB to submit a status report within 30 days. 

During her tenure, Buch faced conflict of interest allegations, notably from Hindenburg Research, which claimed that she and her husband had investments in offshore entities linked to the Adani Group. The Buchs have denied these allegations, stating that the investments were made prior to her role at SEBI and that they have complied with all disclosure requirements. 

Following the conclusion of Buch's three-year term as SEBI chief on Friday, Tuhin Kanta Pandey assumed the position. 

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