Mumbai, March 2 -- SEBI on Sunday said it will initiate appropriate legal steps to challenge the Mumbai court order, which has allowed launching an FIR against former SEBI chief Madhabi Puri Buch, three current Whole Time Members of SEBI and two officials of the BSE.

A Mumbai special court has ordered the launching of an FIR against former SEBI Chairperson Madhabi Puri Buch and the rest over alleged financial fraud, regulatory violations, and corruption.

"SEBI would be initiating appropriate legal steps to challenge this order and remains committed to ensuring due regulatory compliance in all matters," SEBI said today in a one-page press statement.

An application was filed before the Special ACB Court in Mumbai by the complainant- Sapa...