The raging controversy over Madhabi Puri Buch and turmoil at the market regulatory body, almost drowned out a stunning order by the Bombay High Court on 26 August 2024. A bench of justices GS Kulkarni and Firdosh P Pooniwalla had imposed a stiff penalty of Rs80 lakh on the Securities & Exchange Board of India (SEBI) and two major stock exchanges for the illegal freezing of the demat account of a doctor.   The ruling, however, was short-lived. Even before investors had a chance to...