The four-week deadline, during which the Mumbai High Court order rejecting any interim relief to the brokers had been stayed, was to have expired on December 5. The Mumbai High Court had rejected a stay on the Sebi verdict, but allowed the brokers to trade in all shares except securities which they had allegedly rigged, for a period of four weeks, during which time they could appeal. After the expiry of this deadline, these brokers would not be allowed to trade in any securities as Sebi has barred them for trading.

The brokers, however, did not appeal to the Supreme Court and sought a review of the High Court's order. First of all, R R Bohra, one of thebrokers, had approached the court seeking extension of the stay on the grounds that he had made an application to Sebi urging a hearing. Pending this application, he sought a stay on Court's order. This application was rejected.

On Thursday, another broking outfit, Mahico Securities filed a petition before the court seeking a review of its earlier order. The court refused to review its earlier order, but allowed the petitioner another two weeks to appeal against the High Court order.

On Friday, Harvestdeal Securities (of former Bombay Stock Exchange vice president Rajendra Banthia) filed a similar petition and this entity too was granted two week extension in time for appeal.

Later in the day, R R Bohra appealed again before the court and got the deadline extended. The division bench comprising Justice A Agarwal and Justice SS Parkar, had in its order, upheld the powers of Sebi to take interim action under section 11 B of the Sebi Act. It had, however, admitted the petition of the brokers seeking todeclare Section 11 B as "ultra vires". Sebi had held 18 brokers guilty of rigging the share prices of some securities in concert with a set of investment companies allegedly controlled by scam accused Harshad Mehta.