BSE shares: Multibagger stock in focus after court order; key details

BSE Ltd shares are in focus on Monday, as the stock exchange informed NSE that a special anti-corruption court in Mumbai has ordered the registration of an FIR against top officials of SEBI and Bombay Stock Exchange (BSE) in a case of alleged stock market fraud and regulatory violations. This includes the ex-chairman and the current MD & CEO at BSE, and also former Sebi Chairperson Madhabi Puri Buch.

An application had sought directions for registration of a FIR and investigations into alleged irregularities in the listing of a company, Cals Refineries Ltd, in 1994. BSE insisted the officials named in the application were not in their respective positions at the time of listing and were not connected with the company at all.

"The application is frivolous and vexatious in nature," BSE said.

BSE shares are down 14.23 per cent in 2025 so far. Despite this, the stock is up 101 per cent in the past one year. The multibagger stock is in fact up 3,261.99 per cent in the past five years.
 
The stock exchange alleged that the Honourable Court has allowed the application without issuing any notice or granting any opportunity to BSE to place the facts on record. BSE suggested that it has initiated necessary and appropriate legal steps in this regard.

"As a responsible market institution, BSE remains committed to upholding regulatory compliance and ensuring transparency," the stock exchange told NSE.

SEBI, on the other hand, said: "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."

It alleged that 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 said.

The order was issued by Special Judge SE Bangar on a petition filed by Thane-based journalist Sapan Shrivastava, who alleged large-scale financial fraud and corruption in the listing of the firm on the stock exchange, India Today reported.

Judge Bangar, after reviewing the complaint and supporting documents, found prima facie evidence of wrongdoing and directed the Anti-Corruption Bureau (ACB), Mumbai, to register an FIR under relevant provisions of the Indian Penal Code, the Prevention of Corruption Act, and the SEBI Act, the India Today report suggested.