Business
Bombay HC Stays FIR Order Against Ex-SEBI Chief Madhabi Puri Buch & 5 Others In 1994 Stock Market Fraud Case

Mumbai: In a major relief to the former SEBI chairperson and five others, the Bombay High Court on Tuesday stayed the special court’s order directing the registration of an FIR against them in connection with an alleged stock market fraud and regulatory violations dating back to 1994.
The court noted that the special judge had passed the order mechanically, without examining the details or attributing any specific role to the accused.
Observation Made By Justice Shivkumar Dige
“It appears that the learned judge (special ACB judge) has passed the order mechanically, without going into the details and without attributing any specific role to the applicants. Hence, the order is stayed till the next date,” Justice Shivkumar Dige ordered.
Bombay HC Stays The Order
The HC stayed the order while hearing petitions filed by Buch, three current whole-time SEBI directors — Ashwani Bhatia, Ananth Narayan G, and Kamlesh Chandra Varshney — and two BSE officials — Managing Director and Chief Executive Officer Ramamurthy, and its former chairman and public interest director, Pramod Agarwal.
On March 1, the special court had directed the Anti-Corruption Bureau to register an FIR against the six individuals.
They approached the HC on Monday, seeking to quash the special court’s order, contending that it was “unjust” and “harsh.” The officials argued that none of them held their current positions in 1994 and that the trial court ought to have recognized that “no vicarious liability can be fastened” on them.
Arguments Made By Solicitor General Of India
Solicitor General of India Tushar Mehta, appearing for the three whole-time SEBI directors, submitted that the complainant, Sapan Shrivastava, was a habitual litigant. He also pointed out that the high court had previously imposed a cost of Rs5 lakh on him for filing a frivolous petition.
Terming Shrivastava’s allegations vague, Mehta argued that no specific accusations had been leveled against the officials. He said the complainant sought a probe into an IPO from 1994, when the six officials were not holding any positions in SEBI or BSE.
“No averments, no explanations given — just a statement that SEBI has failed to discharge its duties. The complaint has been filed against officers who are in office now, for an alleged offense presumed to have taken place in 1994. How can they be held responsible?” Mehta questioned.
Arguments Made By Senior Advocate Amit Desai, Representing The Two BSE Officials
Senior advocate Amit Desai, representing the two BSE officials, said the complainant had made scandalous statements with serious ramifications for the economy, as vague allegations were being made against members of the principal capital market regulatory body.
Further, Desai argued that the special court judge had erred by not ensuring compliance with the Prevention of Corruption Act, which requires sanction for investigating public servants.
“Today’s economy largely survives on an inflow of funds. Taking this type of action (ordering the registration of an FIR) is an attack on the country’s economy. Such action against a market regulator — how frivolous can it get? Unfortunately, the judge did not realize the extent of the matter,” Desai submitted.
Moreover, Desai pointed out that the company in question had been delisted from the BSE in 2019, while the complaint was filed before the court in March 2024.
Senior advocate Sudeep Pasbola, appearing for Buch, also argued that action could not have been taken based on vague allegations made by the complainant.
The complainant, Shrivastava, sought time to file a reply to the petitions.
Justice Dige granted time for the reply and scheduled the matter for hearing after four weeks while staying the special court’s order.
Business
SIP inflows hit all-time high of Rs 26,632 crore in April: AMFI data

Mumbai, May 9: India’s mutual fund industry saw a historic surge in systematic investment plan (SIP) contributions in April, with investors pouring in a record Rs 26,632 crore last month, according to data by the Association of Mutual Funds in India (AMFI) released on Friday.
This marks the highest-ever SIP inflow for any month, the report said.
In April, 1.36 crore SIP accounts were either closed or matured as part of this process. However, investor interest remained strong. The number of active SIP accounts grew to 8.38 crore in April, up from 8.11 crore in March, showing that people are still keen on building long-term wealth through mutual funds.
April also saw the creation of 46 lakh new SIP accounts, higher than the 40.19 lakh new accounts opened in March.
AMFI said the spike in account closures was due to a planned clean-up and is likely to reduce sharply from May onwards.
“The sustained inflows underscore improving investor sentiment, supported by strong corporate earnings, resilient macroeconomic fundamentals, and a continued tilt towards equities as the preferred asset class,” said Himanshu Srivastava, Associate Director, Manager Research, Morningstar Investment Research India.
Notably, the absence of any major new fund launches during the month indicates that investors largely allocated capital to existing schemes — a testament to their confidence in the long-term growth prospects of Indian equity markets, he added.
The record-breaking investment came even as the industry undertook a large clean-up of inactive accounts.
Despite a slight dip in inflows into equity mutual funds, the overall mutual fund industry continued to grow rapidly.
Total assets under management (AUM) reached an all-time high of Rs 70 lakh crore in April.
This is a big jump from Rs 65.74 lakh crore recorded in March — showing strong investor confidence in the market.
Large-cap mutual funds, which had faced outflows in recent months, bounced back with net inflows of Rs 2,671.46 crore in April.
This was a slight increase from Rs 2,479.31 crore in March. According to the report, this suggest that investors are regaining interest in these relatively stable funds.
Mid-cap funds attracted Rs 3,313 crore during the month, a minor drop from Rs 3,438.87 crore in March.
Meanwhile, small-cap funds continued to perform steadily, drawing Rs 3,999.95 crore in April, only slightly lower than the Rs 4,092 crore they received the month before.
Business
India, Chile make progress on comprehensive economic partnership agreement

New Delhi, May 9: India and Chile have signed the terms of reference (ToR) for a comprehensive economic partnership agreement (CEPA), marking a significant advancement in their bilateral trade relations, the government said on Friday.
The mutually-agreed ToR were signed by Juan Angulo, Ambassador of Chile in India and Vimal Anand, Joint Secretary in Department of Commerce, who is also the Chief Negotiator for India-Chile CEPA from the Indian side.
Both sides reiterated their shared vision for strengthening bilateral relations and look forward to fruitful discussion during the first round scheduled in the national capital from May 26-30.
According to the Commerce Ministry, the CEPA aims to build upon the existing PTA (preferential trade agreement) between the two nations and seeks to encompass a broader range of sectors, including digital services, investment promotion and cooperation, MSME and critical minerals, etc. thereby enhancing economic integration and cooperation.
India and Chile are strategic partners and close allies, sharing warm and cordial relations.
Bilateral ties have steadily strengthened over the years with the exchange of high-level visits. A Framework Agreement on Economic Cooperation was signed between the two countries in January, 2005, followed by PTA in March, 2006.
Since then, economic and commercial relations between India and Chile have remained robust and continue to grow.
According to the ministry, an expanded PTA was subsequently signed in September 2016 and became effective from May 16, 2017.
In April 2019, both countries agreed to pursue a further expansion of the PTA with three rounds of negotiations between the years during 2019-2021. To deepen their economic engagement, both sides expressed their intention to negotiate a CEPA to unlock the full potential of their trade and commercial relationship, boosting employment, facilitating investment promotion, and cooperation and exports, as suggested by the Joint Study Group established under the Framework Agreement.
The JSG report was finalised and signed on April 30, 2024.
Business
Pakistan stock markets continue to bleed, down 14 pc since Pahalgam attack

New Delhi, May 8: The stock markets in Pakistan further tanked on Thursday, as trading was halted at the Karachi Stock Exchange (KSE) amid rising geopolitical tensions.
Karachi Stock Exchange fell more than 6 per cent on Thursday before the trading was halted. The stock exchange has been witnessing a continuous decline since the barbaric Pahalgam terror attack.
The main index, Karachi Stock Exchange 100 Index (KSE-100), has slipped by more than 13 per cent since April 22 when the terror attack happened, killing 26 people, most of them tourists.
On April 22, the KSE-100 index was at 1,18,430, which has now dropped to 1,03,060.
Apart from this, another Pakistani stock index, KSE-30, has also fallen more than 14 per cent since April 22.
Amid the grim state of the stock markets, Pakistan has only $15 billion of foreign exchange reserves left and is on the verge of economic collapse.
The country is seeking a fresh loan worth $1.3 billion from the International Monetary Fund (IMF) to run its economy.
Pakistan’s economy, in the initial years after independence, grew at the same pace as India’s, backed by US aid and donations from the oil-rich Islamic nations.
However, while democratic India kept its focus on economic development and lifting its masses out of poverty, Pakistan has been rocked by bloody coups and military dictatorships, with the army Generals still calling the shots and fuelling hostility against its more prosperous neighbour.
Pakistan was on the brink of sovereign default in 2023 and had to be bailed out by a $3 billion IMF loan.
The country is still critically dependent on this financial lifeline and is desperately trying to raise another $1.3 billion climate resilience loan.
Overall, the neighbouring nation now faces an economic freefall – crippled by political chaos and the long-term cost of harbouring terrorism.
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