The Bombay High Court has put a hold on the special court's order that had instructed the registration of an FIR against former SEBI Chief Madhabi Puri Buch, whole-time members, and senior officials of the Bombay Stock Exchange.
Buch and the other officials later moved to the Bombay High Court, seeking to quash the case.
Justice Shivkumar Dige took up the matter on an urgent basis and, today, granted a stay on the proceedings in their favor.
The special court directed an investigation against Madhabi Puri Buch, Ashwani Bhatia, Anant Narayan G, and Kamlesh Varshney (Whole-Time Members of SEBI), along with Sundararaman Ramamurthy, Director of BSE, and Pramod Agarwal, Public Interest Director of BSE.
The judge emphasized that the order was based on the "gravity of the offence" as outlined in the complaint, warranting an investigation under Section 156(3) of the Criminal Procedure Code.
"There is prima facie evidence of regulatory lapses and collusion, requiring a fair and impartial probe. The inaction by law enforcement and SEBI necessitates judicial intervention under section 156(3) CrPC," the Court observed.
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