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SEBI to Challenge Mumbai Court Order on 1994 BSE Listing

3 March 20251 min read
BANKING & FINANCESEBI to ChallengeMumbai CourtOrder on 1994 BSEListing3 March 2025safalsetu.com

Why in the news

SEBI said it will appeal a Mumbai court order asking police to act over a company’s listing permitted in 1994.

Key facts

  • Order came from the Anti Corruption Bureau Court, Mumbai, during an unrelated miscellaneous application.
  • Allegations concern listing permission on the BSE in 1994, roughly 30 years ago.
  • Persons named: Madhabi Puri Buch (former chairperson), three serving whole-time members, two BSE officials.

SEBI’s objections

GroundArgument
Natural justiceNo notice and no chance to be heard
ComplainantFrivolous, habitual litigant with earlier dismissed pleas
TimingOfficials held different posts then

Way forward

SEBI will contest the order before a higher court, calling the complaint meritless; the case may set a precedent for similar allegations.

Exam angle

  • Securities market regulator: SEBI; exchange: BSE; year: 1994.

Test yourself

1. Which court passed the order that SEBI decided to challenge over a 1994 BSE listing?

The notes say the ACB Court in Mumbai issued the order.

2. The controversy SEBI is contesting relates to irregular listing permission on which exchange in 1994?

The allegations concern a company's BSE listing in 1994.

3. Which of these was NOT among SEBI's arguments against the court order?

SEBI did not claim any earlier BSE penalty; the other three were its arguments.

This topic is part of Daily Current Affairs 2 & 3 March 2025 (16 topics).

All topics of the dayDay quizMarch 2025

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