Bombay High Court stays order to register FIR against former SEBI chairperson and BSE MD, other officials for ‘oversight failure’ in a 1994 listing

The Bombay High Court stayed a special court order directing the registration of an FIR against ex-SEBI chairperson Madhabi Puri Buch and five officials for alleged stock market fraud and regulatory violations, noting the order was passed mechanically. The High Court has given four weeks to the complainant to file his affidavit in reply to the petitions.