Bombay High Court Stays Special Order Directing Ex-SEBI Chief Madhabi Buch And Five Others

On Tuesday, the Bombay High Court stayed a special court’s order directing FIR against former SEBI chairperson Madhabi Puri Buch and five other officials, pending a response from the complainant. The stay will remain in effect for four weeks, with the court noting that the special order appeared to have been passed without sufficient detail. Justice Shivkumar Dige observed that the special court’s decision from March 1 lacked necessary details because it failed to specify the roles of the accused in the alleged stock market fraud and regulatory violations. The court stayed the order, giving the complainant, Sapan Shrivastava, four weeks to file an affidavit in response to the petitions filed by the accused.