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PE Against Bhave, Abraham on Credible Information: Sinha

New Delhi
PE Against Bhave, Abraham on Credible Information: Sinha
outlookindia.com
-0001-11-30T00:00:00+0553

The Preliminary Enquiry against former SEBI chairman C B Bhave and its ex-member K M Abraham was registered on the basis of "credible information" to probe alleged irregularities in granting sanction to MCX Stock Exchange, CBI Director Ranjit Sinha said today.

"The PE was registered on the basis of credible information," Sinha told reporters here.

He said the result would be known after probe is over.

"We have just registered the PE. Can't tell you what the results would be," the CBI Director said on the sidelines of a CII function here.

CBI's PE was registered against Abraham and Bhave on March 13 in connection with the alleged irregularities in granting sanction to the MCX-SX by the Securities and Exchange Board of India (SEBI) in 2008 and renewing the recognition in 2009 and 2010.

The probe by CBI is to ascertain how MCX-SX was granted permission despite opposition by SEBI when Bhave was head of the regulatory authority.

CBI's inquiry has also named Jignesh Shah-founded Financial Technologies India Ltd (FTIL) and its commodity exchange arm MCX.

The CBI had come under attack from former and present bureaucrats for registering the PE against Bhave and Abraham.

"All retired and serving bureaucrats are annoyed and disturbed over CBI's latest action against Bhave and Abraham who had general public reputation of being very sincere, upright and of high integrity.

"It is unfortunate to see how honest and sincere officers are being hounded in a vicious manner," IAS officers' Association Secretary Sanjay Bhoosreddy has told.

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