The Bombay High Court will hear SEBI and BSE’s challenge to an FIR against ex-SEBI chief Madhabi Puri Buch and others over regulatory violations. The case involves alleged irregularities in granting listing permission to Cals Refineries Ltd.

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'.

Madhabi Puri Buch, along with five others on Monday moved the Bombay high court, seeking to quash the recent order of a special court directing an FIR against them for alleged stock market fraud. The Bombay high court will be hearing their pleas on March 4,