India, March 5 -- The Bombay high court's decision to stay or temporarily delay a special court's order directing a First Information Report (FIR) to be registered against former Securities and Exchange Board of India (Sebi) chairperson Madhabi Puri Buch and five others for alleged stock market fraud and corruption will hold for at least four weeks.

A single-judge bench of justice SG Dige on Tuesday found flaws in the order passed by the special court designated under the Prevention of Money Laundering Act on March 1, which directed Maharashtra's Anti-Corruption Bureau (ACB) to file an FIR against Buch and five other senior officials from Sebi and the Bombay Stock Exchange (BSE).

"It appears that the order was passed mechanically withou...