The Bombay High Court will hear their pleas on March 4, 2025. Until then, the Anti-Corruption Bureau (ACB) has been asked to avoid acting on the special court order. The ACB court announced that it would oversee the investigation and requested a status report in 30 days.

The Sebi, in a statement on Sunday, said it 'would be initiating appropriate legal steps to challenge this order and remains committed to ensuring due regulatory compliance in all matters'.

Chairperson Madhabi Puri Buch, along with Bombay Stock Exchange (BSE) Managing Director Sundararaman Ramamurthy and four other officials, have approached the Bombay High Court 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,