ACB case against former SEBI chief Madhabi Puri Buch.

Former SEBI Chairman Madhabi Puri Buch is currently facing new legal troubles. It is well known that she was accused by the US-based short seller Hindenburg of having assisted Adani in the past. Following this, there were also numerous allegations about the investment dealings of the Buch couple. Recently, a Mumbai court directed the registration of a case against Madhabi Puri Buch and five others, prompting the ACB (Anti-Corruption Bureau) to step in. This action is related to stock market fraud, corruption, and regulatory violations that occurred in 1994. The court's verdict led to the registration of an FIR (First Information Report) based on a complaint filed by journalist Saban Srivastava from Thane. The complainant alleged that SEBI officials did not perform their duties correctly and were involved in market fraud.

In 1994, SEBI granted approval for a company to list on the BSE (Bombay Stock Exchange). However, allegations emerged that the company was financially unstable and had violated stock market regulations. It was also revealed that the company had inflated share prices intentionally. It was alleged that both the company and SEBI officials were involved in illegal activities such as insider trading and market manipulation. It was discovered that Madhabi Buch, along with five other key officials, played a role in this scam.

According to the FIR, the case involves former SEBI Chief Madhabi Puri Buch, along with Ashwani Bhatia, Anant Narayan Ji, Kamalesh Chandra Varshini, BSE Chairman Promod Agrawal, and BSE CEO Sundararaman Ramamurthi. A case has been filed against them for their involvement in market disruption, violating laws related to the stock market.

For more updates on the business sector, visit Vaartha Business.

For the latest news and e-paper, check out Vaartha ePaper.