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After Mumbai court orders FIR against Madhabi Buch, SEBI defends it’s former chief

The court noted that the allegations reveal a cognizable offense and criticized the inaction of law enforcement agencies and SEBI, stating that judicial intervention was necessary under the Criminal Procedure Code (CrPC).

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The Securities and Exchange Board of India (SEBI) has announced its intention to challenge a Mumbai Anti-Corruption Bureau (ACB) court order directing the filing of a First Information Report (FIR) against former chairperson Madhabi Puri Buch, three current whole-time members, and two officials of the Bombay Stock Exchange (BSE).

The order, issued on March 1, alleges stock market fraud and regulatory violations, prompting SEBI to dismiss the complaint as frivolous and vowing to take legal action.

In a statement released on March 2, SEBI criticized the court’s decision, stating that the complaint was filed by a “frivolous and habitual litigant” and that the regulator was not given an opportunity to present its case.

“Even though these officials were not holding their respective positions at the relevant time, the court allowed the application without issuing any notice or granting SEBI the chance to place the facts on record,” the statement read.

SEBI further emphasized its commitment to regulatory compliance and transparency, adding, “The applicant is known to be a frivolous and habitual litigant, with previous applications being dismissed by the court, sometimes with imposed costs. SEBI will initiate appropriate legal steps to challenge this order and remains committed to ensuring due regulatory compliance in all matters.”

Special ACB court judge Shashikant Eknathrao Bangar, in his March 1 order, stated that there was prima facie evidence of regulatory lapses and collusion, warranting a fair and impartial investigation. The court has decided to monitor the probe and has sought a status report within 30 days.

The complaint, filed by an individual, alleges large-scale financial fraud, regulatory violations, and corruption. It claims that a company was fraudulently listed on the stock exchange with the collusion of SEBI officials, bypassing compliance norms under the SEBI Act, 1992. The complaint also accuses SEBI officials of enabling market manipulation and corporate fraud.

The court noted that the allegations reveal a cognizable offense and criticized the inaction of law enforcement agencies and SEBI, stating that judicial intervention was necessary under the Criminal Procedure Code (CrPC).

Madhabi Puri Buch, India’s first woman SEBI chairperson, completed her tenure on February 28. During her leadership, SEBI introduced several significant reforms, including faster equity settlements, enhanced disclosures for Foreign Portfolio Investors (FPIs), and initiatives to deepen mutual fund penetration, such as the ₹250 SIP scheme.

However, Buch’s final year as chairperson was marked by controversies, including allegations from US-based short-seller Hindenburg Research and political scrutiny from the Congress party. Despite these challenges, SEBI under her leadership remained focused on strengthening market regulations and protecting investor interests.

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PM Modi assures no discrimination in women’s quota, delimitation debate intensifies in Parliament

PM Narendra Modi has assured that women’s reservation will be implemented without discrimination, amid a heated debate over delimitation in Parliament.

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Prime Minister Narendra Modi has assured that there will be no discrimination in the implementation of women’s reservation, as Parliament witnessed a sharp debate over the proposed linkage between the quota and delimitation exercise.

During the ongoing special session, the government reiterated its commitment to ensuring fair representation while addressing concerns raised by opposition parties regarding the timing and structure of the legislation.

The proposed framework aims to reserve 33 percent of seats for women in the Lok Sabha and state assemblies. However, its implementation is tied to a fresh delimitation exercise, which is expected after the next census.

Opposition questions timing and intent

Opposition leaders have raised concerns that linking the women’s quota to delimitation could delay its implementation. They argue that the process of redrawing constituencies may push the actual rollout further into the future.

The issue has triggered a broader political confrontation, with multiple parties questioning whether the move could alter representation across states.

Some critics have also alleged that the delimitation exercise could disproportionately benefit certain regions based on population, a charge the government has rejected.

Government reiterates commitment to fair implementation

Responding to these concerns, the Centre has maintained that the reforms are necessary to ensure accurate and updated representation based on population data.

Leaders from the ruling side have repeatedly emphasized that the process will be carried out transparently and without bias. The assurance that there will be “no discrimination” is aimed at addressing fears among states and opposition parties.

The debate marks a key moment in Parliament, with both sides engaging in intense exchanges over one of the most significant electoral reforms in recent years.

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Give all tickets to Muslim women, Amit Shah says, attacking Akhilesh Yadav on sub-quota demand

A sharp exchange between Amit Shah and Akhilesh Yadav in Parliament over sub-quota for Muslim women highlights key divisions on women’s reservation implementation.

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A heated exchange broke out in Parliament during discussions on the women’s reservation framework, with Union Home Minister Amit Shah and Samajwadi Party chief Akhilesh Yadav locking horns over the demand for a sub-quota for Muslim women.

The debate unfolded as the government pushed forward key legislative measures to implement 33% reservation for women in the Lok Sabha and state assemblies.

Akhilesh Yadav argued that the proposed reservation must ensure representation for women from marginalised communities, including Other Backward Classes (OBCs) and Muslim women. He said that without such provisions, large sections could remain excluded from political participation.

He also questioned the timing of the bill, alleging that the Centre was avoiding a caste census. According to him, a census would lead to renewed demands for caste-based reservations, which the government is reluctant to address.

Government rejects religion-based quota

Responding to the demand, Amit Shah made it clear that reservation based on religion is not permitted under the Constitution.

He stated that any proposal to provide quota to Muslims on religious grounds would be unconstitutional, firmly rejecting the idea of a separate sub-quota for Muslim women within the broader reservation framework.

The government has maintained that the existing framework already includes provisions for Scheduled Castes (SC) and Scheduled Tribes (ST) women within the overall reservation structure.

Wider political divide over implementation

The issue of sub-categorisation within the women’s quota has emerged as a major flashpoint, even as most opposition parties broadly support the idea of women’s reservation.

Samajwadi Party leaders reiterated that their support for the bill depends on inclusion of OBC and minority women, while the government continues to defend its constitutional position.

The debate is part of a broader discussion during the special Parliament session, where multiple bills linked to delimitation and implementation of the women’s quota are being taken up.

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No state will lose a seat, Centre assures as delimitation debate takes centre stage in Parliament

Parliament’s special session begins with key focus on implementing women’s reservation and delimitation, setting the stage for major electoral changes.

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Parliament

A special session of Parliament commenced on Thursday, with the Centre set to take up crucial legislation related to women’s reservation and delimitation of constituencies. The session, scheduled over three days, is expected to witness intense debate as the government pushes forward its legislative agenda.

At the centre of discussions is the proposal to operationalise the women’s reservation law, which seeks to allocate 33 percent of seats in the Lok Sabha and state assemblies to women. The law, passed earlier, requires enabling provisions before it can be implemented.

The rollout of the reservation is closely tied to the delimitation exercise — a process that redraws parliamentary constituencies based on updated population data. The implementation is expected only after the next census and delimitation process are completed.

The government is aiming to put in place the framework so that the reservation can be enforced in future elections, likely around 2029.

Delimitation and numbers at play

Delimitation is a key aspect of the proposed changes, as it will determine how seats are redistributed and which constituencies are reserved. The exercise is expected to reflect population shifts and may also involve an increase in the total number of Lok Sabha seats.

This linkage has made the issue politically sensitive, with several opposition parties backing women’s reservation in principle but raising concerns over how and when delimitation will be carried out.

Political reactions and expected debate

The session is likely to see sharp exchanges between the government and opposition. While there is broad agreement on increasing women’s representation, disagreements remain over the timing, process, and potential political implications of the delimitation exercise.

Some leaders have argued that delimitation could significantly alter the balance of representation among states, making it a contentious issue beyond the women’s quota itself.

The government, however, has framed the move as a step toward strengthening women’s participation in governance and ensuring more inclusive policymaking.

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