March 3, 2025: The Bombay High Court on Monday provided interim relief to former SEBI and BSE officials, including ex-SEBI Chairperson Madhabi Puri Buch, by directing the Maharashtra Anti-Corruption Bureau (ACB) to hold off on registering an FIR against them until Tuesday.

Justice Shivkumar Dige passed the order after Solicitor General Tushar Mehta and senior counsel Amit Desai mentioned urgent petitions challenging the Mumbai Sessions Court’s directive, which had ordered the ACB to file an FIR against the officials in connection with alleged market manipulation and corporate fraud.

Mehta and Desai argued that the Sessions Court’s order was legally flawed as the officials named in the complaint had not even been given prior notice. Agreeing to hear the case on Tuesday, Justice Dige instructed the ACB not to take any action until then.

The case stems from a complaint filed by journalist Sapan Shrivastava, who alleged large-scale fraud in the listing of a company and accused SEBI of regulatory lapses. The Mumbai Sessions Court, citing prima facie evidence, had directed the ACB to register an FIR under relevant legal provisions, including the Prevention of Corruption Act.

However, SEBI and BSE have dismissed the allegations, calling the complaint frivolous. They clarified that the accused officials were not in their respective positions when the alleged violations occurred.

The High Court’s decision to stay the case provides temporary relief to the officials, with further proceedings scheduled for Tuesday.