A special court FIR order against former Sebi chief Madhabi Puri Buch and five other people is stayed by the Bombay High Court.

On Tuesday, the Bombay high court stayed for four weeks a special court order that ordered the filing of a formal complaint against Madhabi Puri Buch, the former chairwoman of SEBI, and five other officials.

According to a report by news agency PTI, this was because the single high court bench of Justice Shivkumar Dige observed that the ruling was issued automatically without delving into the specifics or assigning the accused any particular role. The HC declared, "Therefore, the order is stayed until the next date." "Sapan Shrivastava, the complainant in this case, has four weeks to submit his affidavit in response to the petitions."

All of this relates to a special court order that instructed the Anti-Corruption Bureau (ACB) to file a formal complaint against the accused because of an alleged fraud that occurred in 1994 when a business was listed on the Bombay Stock Exchange.Buch, Ashwani Bhatia, Ananth Narayan G, and Kamlesh Chandra Varshney, three current full-time SEBI directors, and two BSE officials—Managing Director and Chief Executive Officer Ramamurthy and former Chairman and Public Interest Director Pramod Agarwal—were among the accused.