The Bombay High Court is set to hear the pleas of the former Sebi chief and others on March 4, the Anti-Corruption Bureau will not proceed with the special court order until then, reported PTI. The development comes after the market regulator informed to initiate legal action against the court order alleging ex-SEBI Chief Madhabi Puri Buch and five others of stock market fraud and regulatory violations.

Chairperson Madhabi Puri Buch, along with Bombay Stock Exchange (BSE) Managing Director Sundararaman Ramamurthy and four other officials, have approached the Bombay High Court (HC) to quash a special court’s recent order that directed the registration of an FIR against them for alleged stock market fraud and regulatory violations,

SEBI is set to challenge a court order for FIR against ex-chairperson Madhabi Puri Buch over alleged stock market fraud. The BSE also dismissed the allegations, calling the application “frivolous.”

Madhabi Puri Buch, S. Ramamurthy and four other officials on Monday moved the Bombay High Court, looks to quash a special court order directing FIR against them for alleged stock market fraud

Special court orders FIR against former SEBI chairperson and officials for stock market fraud, regulatory violations, requiring impartial probe.

The Bombay High Court has temporarily halted proceedings against former SEBI Chairperson Madhabi Puri Buch and others regarding alleged stock market fraud stemming from a 1994 incident. The court will hear pleas to quash the contentious order,

There is prima facie evidence of regulatory lapses and collusion, requiring a fair and impartial probe, the special ACB court judge, Shashikant Eknathrao Bangar, said in the order passed on Saturday. The court said it will monitor the probe and sought a status report within 30 days.

Responding to the order, the SEBI has said in a statement that it “would be initiating appropriate legal steps to challenge this order”.

SEBI on Sunday said it will initiate appropriate legal steps to challenge the Mumbai court order, which has allowed launching an FIR against former SEBI chief Madhabi Puri Buch, three current Whole Time Members of SEBI and two officials of the BSE.