Bombay High Court Pauses FIR Against Ex-SEBI Chairperson Amid Stock Market Fraud Allegations

The Bombay High Court extended the interim stay on the FIR against ex-SEBI chairperson Madhabi Puri Buch and other officials. The accused sought quashing of the special court's order, which they claim was without jurisdiction. Allegations involve stock market fraud in a 1994 company listing.

The Bombay High Court has extended the interim stay on orders to file an FIR against former Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch and five other officials. The accusations revolve around alleged stock market fraud and regulatory violations.

Originally paused by the High Court for being potentially mechanical and lacking specific roles for the accused, the order targeted Buch alongside other prominent figures associated with SEBI and the Bombay Stock Exchange (BSE). Justice Shivkumar Dige provided time for the accused to review additional affidavits as proceedings are set to resume on May 7.

The plea by the accused claims the special court's directive was executed without jurisdiction and points to an alleged erroneous complaint filed by media reporter Sapan Shrivastava. The case centers around fraud allegations from a company's 1994 listing on BSE, reportedly without compliance under SEBI regulations.

(With inputs from agencies.)