FIR of fraud cases on SEBI.

To stop the FIR in listing fraud cases, the chairman of SEBI and others had to go to Bombay High Court.

The former SEBI chairperson Madhabi Puri Buch and two others have come to the Bombay High Court to nullify the order passed by a Mumbai court that directed the Anti-Corruption bureau ( ACB) to register a FIR against them in a fraud case. The case was presented before Justice SG Dige and will be heard tomorrow. The judge also directed that till tomorrow ACB should not act on the special court order. The case relates to a claim of financial fraud and regulatory contravention concerning the listing of a company on the Bombay Stock Exchange in 1994. The special judge Shashikant Eknathrao Bangar did FIR against the director of SEBI who is Ashwani Bhatia, Ananth narayan g and Kamlesh chandra variety, and also from the BSE – Sundararaman Ramamurthy, and Pramod Agarwal. The report will be submitted in 30 days.

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FIR of fraud cases on SEBI.To stop the FIR in listing fraud cases, the chairman of SEBI and others had to go to Bombay High Court.FIR of fraud cases on SEBI:The petition passed by Sapan Shrivastava.

FIR of fraud cases on SEBI:The petition passed by Sapan Shrivastava.

A Dombivali reporter, Sapan Shrivastava passed the petition and also sought an investigation surrounding the listing of a company on the BSE, facilitated by the top officials from the SEBI. The petitioner claimed that the listing took place without following the SEBI Act,1992. and also related regulations such as the SEBI (ICDR) Regulations, 2018, and the SEBI (LODR) Regulations, 2015.
Despite a number of complaints to both SEBI and the police, the petitioner accusal that no action has been taken. The declaration that came up with the complaint with the accusations that SEBI officials, Buch, and many other whole-time members were also involved, they failed to practice the regulatory work, letting the company list inspite of not meeting needed compliance the norms. The complainant claims the accused engaged in market manipulation, the trading member and the artificial inflation of the share prices, and violating the Prevention of Corruption Act. The court declared that the allegations ‘prima facie’ closed the intelligible offence and required ahead investigation considering the inaction by law enforcement agencies and SEBI. The judge Bangar said, “The inaction by law enforcement and SEBI necessitates judicial intervention under Section 156(3) CrPC”.