Bombay HC Stays FIR Against SEBI and BSE Officials; Hearing Scheduled for Tuesday
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Synopsis
The Bombay High Court has temporarily halted the filing of an FIR against SEBI and BSE officials, following a plea from both entities. A hearing is set for Tuesday, as the court issued directives to restrain the FIR's registration. SEBI plans to challenge the ruling, asserting the applicant's history of frivolous litigation.
Key Takeaways
- Bombay High Court halted FIR against SEBI and BSE officials.
- Hearing scheduled for March 4.
- SEBI asserts commitment to regulatory compliance.
- Filing described as frivolous and vexatious by BSE.
- Justice Dige issued directive to ACB.
Mumbai, March 3 (NationPress) The Securities Exchange Board of India and the Bombay Stock Exchange (BSE) approached the Bombay High Court on Monday to contest an ACB Court ruling mandating the filing of an FIR against the former SEBI Chairperson and several SEBI and BSE officials.
The Bombay High Court consented to provide an expedited hearing on the plea from SEBI and BSE regarding the ruling on March 4 and issued orders to prevent the FIR from being registered.
A single-judge bench led by Justice Shivkumar Dige issued this order after Solicitor General Tushar Mehta and senior advocate Amit Desai requested urgent consideration of some petitions still being processed.
Justice Dige agreed to address the petitions on Tuesday, instructing the ACB not to proceed with the Sessions Court ruling until that time.
Previously, SEBI stated it would undertake appropriate legal measures to contest this ruling, affirming its dedication to upholding due regulatory compliance in all matters.
“The applicant is recognized as a frivolous and habitual litigant, with prior applications dismissed by the court and costs levied in some instances,” remarked the capital markets regulator.
A Miscellaneous Application was submitted to the ACB Court in Mumbai against the former SEBI Chairperson, three current Whole Time Members of SEBI, and two BSE officials.
Although these officials were not in their respective roles at the relevant time, “the court permitted the application without issuing any notice or allowing SEBI to present the facts,” according to SEBI's statement.
The BSE also contested the ruling, describing the application for an FIR as “frivolous and vexatious.”
“The court granted the application without providing notice or an opportunity for us to present our case,” stated the BSE.
