New Delhi, Aug. 13 -- Can a special court order the Securities and Exchange Board of India (Sebi) to initiate investigation of alleged malfeasance brought to its notice by an investor? The Bombay high court is currently seized of such a case, and the final outcome could reinforce the line between judicial overreach and regulatory autonomy.

The Bombay high court has in the interim stayed a special court's order that directed Sebi to investigate alleged irregularities in Radhe Developers' December 1995 listing on the BSE, after an investor sought a court-ordered probe through the criminal procedure route.

The interim stay halts the special court's 23 January order, which required Sebi to investigate and file an action taken report, till t...