Mumbai Court Orders FIR Against ex-SEBI Madhabi Buch over Stock Market Fraud

A Mumbai court has ordered the Anti-Corruption Bureau (ACB) to file an FIR against former SEBI Chairperson Madhabi Puri Buch, and two BSE officials over a 1994 stock listing fraud.

Journalist Sapan Shrivastava’s complaint accuses them of violating SEBI laws, insider trading, and market manipulation, which allegedly misled investors and caused financial losses.

The court found prima facie evidence of misconduct and called for an independent probe, directing the ACB to submit a status report in 30 days.

Madhabi Buch and others have now approached the Bombay High Court to quash the FIR. The matter will be heard on March 4.