Markets regulator, the Securities and Exchange Board of India (SEBI) on Sunday said it would initiate “appropriate legal steps” to challenge the order of the ACB Court in Mumbai against its former Chairperson, Madhabi Puri Buch.  In a statement, the SEBI said that “the applicant is known to be a frivolous and habitual litigant, with previous applications being dismissed by the Court, with imposition of costs in some cases”.

“A Miscellaneous Application was filed before the ACB Court, Mumbai against the former Chairperson of SEBI, three current Whole Time Members of SEBI and two officials of the BSE,” said the capital markets regulator.

It further stated that the “application sought directions for the Police to register an FIR and investigate into the alleged irregularities in granting listing permission to a Company on the Bombay Stock Exchange in 1994, without complying with the provisions of the SEBI Act, 1992, SEBI (ICDR) Regulations, 2018, and the SEBI (LODR) Regulations, 2015”.

Even though these officials were not holding their respective positions at the relevant point of time, “the court allowed the application without issuing any notice or granting any opportunity to SEBI to place the facts on record”, according to the SEBI statement.

The SEBI further said it “would be initiating appropriate legal steps to challenge this order and remains committed to ensuring due regulatory compliance in all matters”. Last month, the Appointments Committee of the Cabinet approved the appointment of Finance Secretary Tuhin Kanta Pandey as the new SEBI Chairman. The tenure of Buch as SEBI Chairperson ended on March 1. She assumed office on March 2, 2022, for a three-year term, becoming the first woman to lead the markets regulator.

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