Key Takeaways
- The ACB Court, Mumbai has ordered the filing of an FIR against ex-SEBI chief and 5 others for alleged irregularities in listing a company.
- SEBI has announced plans to challenge the order in court, describing the applicant as frivolous and habitual litigant.
- The SEBI Act 1992 and SEBI ICDR Regulations 2018 govern the listing of companies on the Bombay Stock Exchange.
Mumbai: The Anti-Corruption Bureau (ACB) Court, Mumbai has asked the ACB to file an FIR against former Chairperson of Securities and Exchange Board of India (SEBI) and five others to investigate into alleged irregularities pertaining to listing of a company.
SEBI, the market regulator, described the applicant as frivolous and habitual litigant, and announced plans to challenge the order in court.
“A Miscellaneous Application was filed before the ACB Court, Mumbai against the former Chairperson of SEBI, three current Whole Time Members of SEBI and two officials of the BSE,” a media statement by market regulator SEBI said.
The application sought directions for the police to register an FIR and investigate into the alleged irregularities in granting listing permission to a Company on the Bombay Stock Exchange in 1994, without complying with the provisions of the SEBI Act, 1992, SEBI (ICDR) Regulations, 2018, and the SEBI (LODR) Regulations, 2015.
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 applicant is known to be a frivolous and habitual litigant, with previous applications being dismissed by the Court, with imposition of costs in some cases.
SEBI would be initiating appropriate legal steps to challenge this order and remains committed to ensuring due regulatory compliance in all matters.
