Bombay Stock Exchange Scandal: Former Officials Seek Justice

Former Sebi chairperson Madhabi Puri Buch, BSE MD Sundararaman Ramamurthy, and others have approached the Bombay High Court to quash an FIR against them for alleged stock market fraud. A special court's order accused them of regulatory violations linked to a company listing in 1994.

Former Sebi chairperson Madhabi Puri Buch, alongside BSE Managing Director Sundararaman Ramamurthy and others, has approached the Bombay High Court to challenge a ruling that directed filing an FIR against them over allegations of stock market fraud and regulatory violations.

Their petitions, submitted before a single bench led by Justice S G Dige, argue that the special court order is arbitrary and illegal. The court has scheduled a hearing for Tuesday, temporarily halting any action from the state Anti-Corruption Bureau (ACB) as directed in the contested order.

The accusations stem from purported fraudulent activities related to a 1994 company listing on the stock exchange, allegedly facilitated by regulatory authorities, primarily SEBI. Both SEBI and the Bombay Stock Exchange contest the claims, planning legal action against the special court's decision.

(With inputs from agencies.)