The Bombay High Court has stayed a special court's order directing an FIR against former Securities and Exchange Board of India (SEBI) Chairperson, Madhabi Puri Buch. The stay will be effective for four weeks.

With Justice SG Dige of the Bombay High Court set to hear their petitions today, Mint breaks down the details of the case.

Court's order directing the registration of an FIR against them, stating that the order was passed “mechanically, without going into details.”

The Bombay High Court stayed the order to register an FIR against former SEBI Chairperson Madhabi Puri Buch and others, citing lack of detail and evidence in the special court's ruling. The complainant has been given four weeks to file a response.

The Bombay High Court (HC) on Tuesday stayed for four weeks a special court`s order directing the registration of a first information report (FIR) against former Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch and five other officials over accusations of stock market fraud and regulatory violations,

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,