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Court directs registration of FIR on fraud complaint against former Sebi chief, BSE Chairman, top officials
Mumbai :-A special court designated under the Prevention of Money Laundering Act on Saturday directed the Anti-Corruption Bureau (ACB), Mumbai, to register an FIR on a complaint of stock market fraud, regulatory violations and corruption against top Securities and Exchange Board of India (Sebi) and Bombay Stock Exchange (BSE) officials.
“The allegations disclose a cognizable offense, necessitating an investigation. There is prima facie evidence of regulatory lapses and collusion, requiring a fair and impartial probe. The inaction by law enforcement and SEBI necessitates judicial intervention under Section 156(3) CrPC,” the court held after perusing the material on record.
The complaint sought direction for the ACB to register an FIR and conduct an investigation into alleged offences committed by the “proposed accused”, including former Sebi chairperson Madhabi Puri Buch, three Sebi whole-time members, and BSE Chairman Pramod Agarwal and CEO Sundararaman Ramamurthy.
The order was passed on an application filed by Sapan Shrivastava, a Dombivli resident who claimed to be a journalist, seeking direction for the police to register an FIR as per section 156(3) of the Code of Criminal Procedure (CrPC) and probe his allegations.
Mumbai :-A special court designated under the Prevention of Money Laundering Act on Saturday directed the Anti-Corruption Bureau (ACB), Mumbai, to register an FIR on a complaint of stock market fraud, regulatory violations and corruption against top Securities and Exchange Board of India (Sebi) and Bombay Stock Exchange (BSE) officials.
“The allegations disclose a cognizable offense, necessitating an investigation. There is prima facie evidence of regulatory lapses and collusion, requiring a fair and impartial probe. The inaction by law enforcement and SEBI necessitates judicial intervention under Section 156(3) CrPC,” the court held after perusing the material on record.
The complaint sought direction for the ACB to register an FIR and conduct an investigation into alleged offences committed by the “proposed accused”, including former Sebi chairperson Madhabi Puri Buch, three Sebi whole-time members, and BSE Chairman Pramod Agarwal and CEO Sundararaman Ramamurthy.
The order was passed on an application filed by Sapan Shrivastava, a Dombivli resident who claimed to be a journalist, seeking direction for the police to register an FIR as per section 156(3) of the Code of Criminal Procedure (CrPC) and probe his allegations.
“The allegations disclose a cognizable offense, necessitating an investigation. There is prima facie evidence of regulatory lapses and collusion, requiring a fair and impartial probe. The inaction by law enforcement and SEBI necessitates judicial intervention under Section 156(3) CrPC,” the court held after perusing the material on record.
The complaint sought direction for the ACB to register an FIR and conduct an investigation into alleged offences committed by the “proposed accused”, including former Sebi chairperson Madhabi Puri Buch, three Sebi whole-time members, and BSE Chairman Pramod Agarwal and CEO Sundararaman Ramamurthy.
The order was passed on an application filed by Sapan Shrivastava, a Dombivli resident who claimed to be a journalist, seeking direction for the police to register an FIR as per section 156(3) of the Code of Criminal Procedure (CrPC) and probe his allegations.
