A miscellaneous application was filed before the Anti-Corruption Branch (ACB) Court, Mumbai, against former Chairperson Madhabi Puri Buch, along with three current Whole Time Members of SEBI and two officials of the BSE.

The application sought directions for the police to register an FIR and investigate into the alleged irregularities in granting listing permission to a company on the Bombay Stock Exchange in 1994, without complying with the provisions of the SEBI Act, 1992, SEBI (ICDR) Regulations, 2018, and the SEBI (LODR) Regulations, 2015.

The complaint by a journalist alleged the company, Cals Refineries, was listed on the BSE in 1994 without compliance with SEBI’s listing rules. He alleged that since the regulator didn't act against the BSE and the company, those who invested in the company faced financial losses.

SEBI, in its clarification, says even though these officials were not holding their respective positions at the relevant point of time, the court allowed the application without issuing any notice or granting any opportunity to SEBI to place the facts on record.

"The applicant is known to be a frivolous and habitual litigant, with previous applications being dismissed by the Court, with imposition of costs in some cases. SEBI would be initiating appropriate legal steps to challenge this order and remains committed to ensuring due regulatory compliance in all matters," it clarified.