In his petition, city-based lawyer V Santhakumaresan said the court should direct CBI to conduct investigation into the entire affairs relating to sources of income, financial status, betting, and match fixing.
He alleged that conduct of certain activities and receipt of income were totally commercial and there was no element of charity in the conduct of BCCI.
The surplus generated by BCCI was shared with players instead of being used for promoting the game, he claimed.
BCCI should desist from using the name "Indian Cricket team" for its team till disposal of the petition, the petitioner said.
He also sought a stay on the IPL 20-20 matches to be held from today till May 26.
A Division Bench of Justices MM Sundresh and R Mala ordered issue of notice to the Secretary, Department of Culture and Youth Affairs, IPL Chairman, BCCI President and others, returnable by June six.