The Sebi, in a statement on Sunday, said it 'would be initiating appropriate legal steps to challenge this order and remains committed to ensuring due regulatory compliance in all matters'.

Chairperson Madhabi Puri Buch, along with Bombay Stock Exchange (BSE) Managing Director Sundararaman Ramamurthy and four other officials, have approached the Bombay High Court (HC) to quash a special court’s recent order that directed the registration of an FIR against them for alleged stock market fraud and regulatory violations,

The Bombay High Court on Monday instructed the Maharashtra Anti-Corruption Bureau (ACB) not to act on an order until March 4. This order directed the ACB to file an FIR against Buch and five others for alleged stock market fraud and regulatory breaches.