Shares of my late mother were transfered illegaly by my younger brother 2 years after her death. Based on my Criminal Petition, the Hon'be Mumbai High court instructed the concern Police officer to register offences u/s 420, 467, 468, 465 & 506 of IPC agaisnt my brother, investigate the matter & take appropirate necessary action . The Police dept after registering the offences investigated the matter by calling records like share transfer deed from the Company transfer agent M/s Karvy Computer Shares-Hyderabad as well as from the Company M/s Motherson Sumi Systems Ltd and it has been established by the Investigating Officer that in fact a forgery has been committed by my brother and he should be tried under the above mentioned sections and for which he should be arrested so as to bring on record the other players who helped him to forge and transfer the shares of my late mother in his name and a police custody will be required from the Court of Law. The lawyer of my brother is confussing the police officers that the powers to arrest a person for forgery committed in share transfer rest with SEBI and not with the police and he shouldn't be arrested instead the matter should be referred to SEBI. The lawyer of my brother has given a booklet of The Securities and Exchange Board Act, 1992 as ready referrence for the Police.
I need your legal opinion & advise to clarrify
1. The difference between SEBI Act & Offences registered under IPC
2. Which authority has the powers to procecute my brother for the forgery & theft of my mothers shares- SEBI or POLICE
3. Is there a Central Govt or SEBI's notification/GR restricting the Police department not to arrest persons who have committed forgery & theft in transfering shares illegally