ACB files case against former SEBI chief Madhabi Puri Buch

Former SEBI chairman Madhabi Puri Buch is currently embroiled in new trouble. It is known that American short seller Hindenburg had earlier accused her of helping Adani. After this, Puri Buch also made many allegations in the investment case of the couple. However, the ACB stepped in after a Mumbai court ordered the registration of a case against Madhabi Puri Buch and six others. This action was taken in connection with the stock market fraud, corruption and regulatory violations that took place in 1994. An FIR was registered in this matter as per the court's verdict. The case was initiated on the basis of a complaint filed by Thane-based journalist Saban Srivastava. The complainant alleged that SEBI officials were not performing their duties properly and were committing market fraud.

Violation of Stock Market Rules
In 1994, SEBI had approved a company for listing on the BSE. However, there were allegations that the company was financially unstable and had violated stock market rules. It was also revealed that the share prices were deliberately inflated. Thus, investors complained that the company as well as SEBI officials were involved in illegal activities such as insider trading and market manipulation.It has been revealed that Madhabi Buch and five other key officials were involved in this scam.
The involvement of SEBI officials in the scam
is currently being investigated. According to the FIR, a case has been registered against former chief Madhabhi Puri Buch, Ashwani Bhatia, Anant Narayan Ji, Kamlesh Chandra Varshini, BSE Chairman Pramod Agarwal, and BSE CEO Sundararaman Ramamurthy for allegedly manipulating markets in violation of the law.

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