India, March 3 -- A special court ordering registration of FIRs against Madhabi Puri Buch, who just completed her tenure as the chairperson of the Securities and Exchange Board of India (Sebi) and five others, in connection to allegations of financial fraud, regulatory violations and corruption puts the market regulator under the spotlight again. The Anti-Corruption Bureau (ACB) court said there was "prima facie evidence of regulatory lapses and collusion", which required "a fair and impartial probe". Sebi was quick to dismiss the allegations and has challenged the court order in the Bombay high court.

The facts in this matter are yet to become clear, and a probe would certainly help demolish or substantiate the allegations. Given that B...