A single-judge bench of the Bombay High Court has stayed the Mumbai special court order against former SEBI Chairperson Madhabi Puri Buch and five others from filing an FIR in a matter related to alleged fraud in an IPO back in 1994.

The special PMLA court had directed ACB, Mumbai, to file an FIR against ex-Sebi chief Madhabi Puri Buch and five others.

The HC's judgement came on petitions filed by Buch, three current whole-time SEBI directors - Ashwani Bhatia, Ananth Narayan G and Kamlesh Chandra Varshney and two BSE officials - Managing Director and Chief Executive Officer Ramamurthy and its former chairman and public interest director Pramod Agarwal.

The Bombay High Court on Tuesday stayed a special court order to register a first information report (FIR) against against former Securities and Exchange Board

Reacting to the court’s order, SEBI, in a statement said it "would be initiating appropriate legal steps to challenge this order and remains committed to ensuring due regulatory compliance in all matters".

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.

A special Anti-Corruption court in Mumbai on Saturday directed the registration of an FIR against top officials of the Securities and Exchange Board of India (SEBI), including former Chairperson Madhabi Puri Buch,