Anti-Corruption Bureau (ACB) Court in Mumbai has allowed a miscellaneous application seeking an FIR against the former Chairperson of SEBI, three current Whole Time Members, and two BSE officials. The allegations pertain to irregularities in granting listing permission to a company on the Bombay Stock Exchange (BSE) in 1994. The application claims that the listing was approved without complying with the SEBI Act, 1992, SEBI (ICDR) Regulations, 2018, and SEBI (LODR) Regulations, 2015. Despite the fact that the officials named in the application were not in their respective positions at the time, the court allowed the application without notifying SEBI or providing an opportunity to present its case. SEBI has stated that the applicant has a history of filing frivolous litigations, some of which have been dismissed with costs. The regulatory body has announced that it will take appropriate legal steps to challenge the court’s order and remains committed to ensuring due compliance with regulatory requirements.
Securities and Exchange Board of India
PR No.11/2025
Order of ACB Court, Mumbai in respect of allegations pertaining to the listing of a Company
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.
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.
Mumbai
March 02, 2025
