Sebi and BSE Challenge Court Order

In a bold move, the Securities and Exchange Board of India (Sebi) and the Bombay Stock Exchange (BSE) have announced plans to legally contest a recent court order. This order calls for an investigation into alleged irregularities surrounding the 1994 listing of a company on the BSE. Sebi, in a statement released on Sunday, emphasized its commitment to upholding regulatory compliance in all matters.

Details of the Court Order

The court's directive, issued on Saturday, mandates the police to file a First Information Report (FIR) against several high-profile individuals. These include former Sebi chief Madhabi Puri Buch, three other Sebi officials, former BSE chairman Pramod Agarwal, and BSE MD & CEO Sundaraman Ramamurthy. Sebi has pointed out that these officials were not in their respective positions at the time of the alleged irregularities in 1994.

BSE's Stance on the Allegations

The BSE has also voiced its concerns, stating that the officials named in the court application were neither in their positions during the time of the company's listing nor had any connection with the company in question, Cals Refineries. The exchange has labeled the application as "frivolous and vexatious" and is taking necessary legal actions to address the situation.