A special ACB court in Mumbai on Saturday ordered the registration of an FIR against former Securities and Exchange Board of India (SEBI) chairman Madhabi Puri Buch, top officials of the Bombay Stock Exchange (BSE) and SEBI in a case of alleged stock market fraud and regulatory violations. Apart from this, the court has also ordered the submission of a status report related to the case within 30 days.

The special ACB court made a strict comment and said, “After reviewing the documents, the court is of the view that, the allegations have disclosed a cognizable offence, hence an investigation is required. There is prima facie evidence of regulatory lapses and collusion, which needs to be investigated impartially. Due to the inaction of the law and SEBI, judicial intervention under Section 153(3) CrPC is required.” 

Earlier, Hindenburg also claimed that SEBI chief Madhbi Puri Buch and her husband were involved in alleged irregularities in the shares of the Adani group.

However, Madhbi Puri Buch has consistently denied these allegations. Congress spokesperson Pawan Khera alleged in a press conference that Madhbi Buch violated important SEBI rules by trading ₹36.9 crore in listed securities during her tenure at SEBI.

Khera had claimed that this trading activity took place between 2017 and 2023, with a total transaction of ₹19.54 crore in the financial year 2018-19.