Today, On 4th March, The Bombay High Court stayed the order directing the registration of an FIR against former SEBI chief Madhabi Buch and two others. Justice SG Dige granted the relief after they challenged the directive in court. The case involves allegations that prompted legal scrutiny of regulatory decisions. The stay provides temporary relief as the matter undergoes further judicial review.
Today, On 3rd March, Former SEBI Chairperson Madhabi Puri Buch and other officials have approached the Bombay High Court seeking to quash the FIR in a listing fraud case. The matter was mentioned before Justice SG Dige and is expected to be heard tomorrow. The FIR was filed following a special court’s directive to investigate alleged stock market fraud and regulatory violations. SEBI has opposed the order, calling it baseless and arguing that it was not given a chance to present its defense.
SEBI has decided to challenge the court’s order to file an FIR against its former chief and officials. The board argues that the case is based on a weak petition and that the court did not hear its side. SEBI insists that the allegations are not strong enough for such action. It plans to contest the order legally.
Tuhin Kanta Pandey, the current Finance Secretary, has been appointed as the new Chairman of SEBI for a three-year term. He replaces Madhabi Puri Buch in the role. Pandey’s appointment marks a significant leadership change in the regulatory body. His tenure is expected to shape key financial market policies.
US President Donald Trump stayed the enforcement of a US law that bans bribery in foreign countries. This decision could affect global corruption investigations, including any potential scrutiny of Indian billionaire Gautam Adani. The law, known as the Foreign Corrupt Practices Act (FCPA), is crucial in holding multinational corporations accountable. If enforcement remains weak, cases involving overseas financial dealings may face reduced oversight.
The Supreme Court upheld the rejection of Advocate Vishal Tiwari’s petition seeking a conclusive SEBI report on the Hindenburg-Adani case. The Court reiterated that third-party reports like Hindenburg’s cannot be considered conclusive evidence and dismissed the plea without imposing costs. This decision affirms SEBI’s investigatory authority over corporate governance issues in India.
A petition filed in the Delhi High Court seeking regulation of cryptocurrencies and an investigation into the recent BitBNS crisis. BitBNS, a prominent Indian cryptocurrency exchange, faced backlash after users reported withdrawal freezes, sparking concerns among investors. The court has now directed the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) to respond to the issue. This case highlights the growing need for stronger oversight in India’s cryptocurrency sector.
The rise of legal influencers on social media has raised concerns about the potential for misleading legal advice. Experts highlight the risks of individuals relying on unqualified sources, which can result in serious legal and financial consequences. Caution is advised, stressing the importance of consulting qualified professionals for accurate guidance.