The Securities and Exchange Board of India (SEBI) announced it will initiate legal steps to challenge an order by the ACB Court, Mumbai that allowed a miscellaneous application naming SEBI’s former chairperson, three current whole time members and two officials of the Bombay Stock Exchange (BSE). The application sought directions for police to register an FIR and investigate alleged irregularities in granting listing permission to a company on the BSE in 1994. SEBI stated the court allowed the application without issuing notice to SEBI or giving it an opportunity to place facts on record, and noted that the officials cited were not holding their respective positions at the relevant time. SEBI also described the applicant as a frivolous and habitual litigant whose previous applications have been dismissed, including with costs in some cases.
Securities & Exchange Board of India 2025-03-02
Securities and Exchange Board of India to challenge Mumbai ACB Court order allowing application over 1994 BSE listing allegations
The Securities and Exchange Board of India (SEBI) will legally challenge an ACB Court order that permitted a miscellaneous application implicating SEBI's former chairperson and other officials in alleged irregularities from 1994. SEBI criticized the court for proceeding without notifying SEBI or allowing it to present facts, and highlighted the applicant's history of frivolous litigation.