Court orders FIR against former Sebi chairperson, BSE officials over stock market fraud

New Delhi: A special court has directed the Anti-Corruption Bureau (ACB) to register an FIR against former Sebi chairperson Madhavi Puri Buch and five other officials over allegations of stock market fraud and regulatory irregularities.

The officials belong to the Bombay Stock Exchange (BSE) and the Securities and Exchange Board of India (Sebi).

Special Court Judge Shashikant Eknathrao Bangar stated in the order that there appeared to be prima facie irregularities and collusion, warranting a fair investigation.

The officials named in the FIR include BSE Managing Director and CEO Sundararaman Ramamurthy, former BSE chairman and public interest director Pramod Agarwal, and Sebi members Ashwani Bhatia, Anant Narayan, and Kamlesh Chandra Varshney.

The court said it would monitor the investigation and directed authorities to submit a report within 30 days. The order was issued based on a complaint by 47-year-old Sapan Srivastava, who alleged large-scale financial fraud, regulatory violations, and corruption.