Mumbai -based Special ACB Court Judge Shashikant Eknathrao Bangar said in an order on Saturday, ” "There is evidence at the first sight of regulatory errors and conflict, which requires fair investigation."
The court said it would monitor the investigation and sought a status report within 30 days. The court also said in the order that the allegations revealed a cognizable offense, which requires investigation. It states that due to the inaction of the law enforcement agencies and the Securities and Exchange Board of India (SEBI), judicial intervention is required under the provisions of CRPC (Criminal Procedure Code).
The complainant, who is a media reporter, sought an investigation into the alleged crimes, including widespread financial fraud, regulatory violations and corruption.
The complainant claimed that Sebi officials failed their legal duty, facilitated trafficking in the market and paved the way for corporate fraud by allowing listings to the company that did not complete the defined criteria. The complainant said that no action has been taken despite repeated contact with the police station and the concerned regulatory bodies.
India's first woman Sebi Chief Butch was accused of a US -based research and investment company Hindenburg Research. Buch then completed his three -year term on Friday amid political tensions.
Madhvi Puri Butch is taking over, taking from Sebi, departing is coming from the family, click here to know the details.
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