Former SEBI chief Buch, five others have approached the court against the FIR. Former SEBI chairperson Madhabi Puri Buch, BSE managing director Sundararaman Ramamurthy and four other officials on Monday approached the Bombay High Court against the FIR lodged against them.

Court ordered to register FIR

The Mumbai-based Anti-Corruption Bureau (ACB) special court had directed to register a case against Buch and five other officials in connection with alleged fraud and regulatory violations in the stock market. ACB court judge Shashikant Eknathrao Bangar said in an order passed on Saturday, "Prima facie there is evidence of regulatory lapse and collusion, which requires an impartial investigation." On the petition of Buch and others, a single bench of Justice SG Dige said that the petitions will be heard on Tuesday and till then no action will be taken on the order of the special ACB court. Solicitor General Tushar Mehta appeared for Buch and three current full-time directors of SEBI - Ashwani Bhatia, Anant Narayan G and Kamlesh Chandra Varshney. Senior advocate Amit Desai appeared for Bombay Stock Exchange managing director and chief executive officer Sundararaman Ramamurthy and its former chairman and public interest director Pramod Agarwal. The petitions termed the special court's order as illegal and arbitrary and sought its cancellation.