“Sebi would be initiating appropriate legal steps to challenge this order and remains committed to ensuring due regulatory compliance in all matters,” the regulator said in a release. Meanwhile, BSE also said it is initiating necessary and appropriate legal steps in this regard.
The complaint sought directions for the police to register an FIR and investigate into the alleged irregularities in granting listing permission to a company on the BSE in 1994.
“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,” the regulator noted.
BSE also echoed the same sentiments saying the court has allowed the application without issuing any notice or granting any opportunity to place the facts on record.
“As a responsible market institution, BSE said it remains committed to upholding regulatory compliance and ensuring transparency,” the exchange said.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.Buch, during her tenure, faced conflict of interest allegations by Hindenburg. The US-based short-seller accused Buch and her husband Dhaval Buch of investing in offshore entities that were allegedly part of a fund structure in which Vinod Adani — the elder brother of Adani group founder chairman Gautam Adani — also had investments.
Buchs have denied the allegations. But, what this led to is Buch getting caught in a political crossfire between the Congress Party and BJP.
There were also reforms during her tenure, through a crackdown on the highly volatile derivatives trading. Under her tenure, Sebi also brought in new norms around enhanced FPI disclosures and increasing mutual fund penetration through Rs 250 SIPs.
