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A separate court of the SEBI has anayzed the case and has instructed the Anti Corruption Bureau to file an FIR against ex SEBI head member Madhavi Puri Buch, two BSE officer and the other full time members of the market regulator. This is for the stock correction made and any regulatory breaches made during the 1994 listing of the company mentioned in the order. This is in relation to the listing of the BSE company and the lapses found in this listing. As stated by the SEBI, regulatory compliance is the company’s responsibility in all matters of business, and above all for this.

“Lack of opportunity for reasonable defense has been provided by the court”

The other direction that the court took was to perform another investigation against Buch and three other officials of SEBI and the former BSE Pramod Agarwal and the present BSE Managing Director Sundararaman Ramamurthy. The court has instructed the police to file an FIR. The named officials are participants in a monolithic and persisting system of lobbying which renders them incapable of defending their actions on any rational level.

SEBI called the order ‘baseless and disturbing’ and said that information that came out from the proceedings within the case made matters even worse. They maintained that the people who should be caring for the issues were not even positioned within the organization. Furthermore, they have claimed that no opportunity was provided to them to share their information to tackle the matter. It is obvious that different strokes of complication will arise from such adjudication.

Three years before Buch finished his tenure, he had to work without controversy accusing him for nearly everything. Emerging from these pedals of ensures and without any doubt the matter against him stems on the base of the petition submitted by the Thane journalist. Questioning the journalist filed a couple of documents which thickly showcase the evidence that Buch has knowingly placed a pseudonym on the document portion resting the blame on the SEBI officials.


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