Tuesday 26 July 2016
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CBI Registers Case Against Jignesh Shah, SEBI Officials

After nearly five months of probe, CBI today registered a case against Jigesh Shah and SEBI officials and its former executive director J N Gupta for allegedly violating law to grant extension to MCX-SX and FTIL as private stock exchange.

CBI, which filed an FIR in the case, has charged Gupta, at present Executive Director S V Muralidhar Rao, Deputy General Manager, Rajesh Dangeti and Assistant General Manager Vishakha More and companies FTIL, MCX, Shah-promoted FTIL with cheating, criminal conspiracy and abused of official positions.

More, who received the best employee award by the Union Ministry of Social Justice and Empowerment from President Pranab Mukherjee last year, had surprised many in the Securities rpt Securities Exchange Board of India (SEBI) as she was visually impaired.

42-year-old More has been using two softwares, JAWS (Job Access With Speech) and OCRS (Optical Character Recognition Software), to read files and emails while her notes and markers are in Braille.

CBI officials said they would definitely probe whether she was misled by her colleagues whose help she used to take in case any note was handwritten.

When contacted, Gupta refused to comment anything about the case having been registered by CBI under section 120-B (Criminal Conspiracy) 420 (Cheating) of IPC.

The agency has also accused them under 13(2) and 13(1) (d) (iii) of Prevention of Corruption Act, 1988 (while holding office as a public servant, obtains for any person any valuable thing or pecuniary advantage without any public interest).

The sources said that the agency also recommended departmental action against former SEBI Chairman C B Bhave and ex-member K M Abraham as there was not enough evidence against the duo to prosecute them in a court.

CBI alleged Shah had entered into a buy-back arrangement with a nationalised bank in violation of Securities Contract Regulation Act, 1956 and Securities Contract (Regulation) (Manner of Increasing and Maintaining Public Shareholdings in Recognized Stock Exchanges) Regulation, 2006. 

Dikshit today met President Pranab Mukherjee and Home Minister Rajnath Singh.

Maharashtra Governor's post fell vacant yesterday when incumbent K Sankaranarayanan resigned after he was transferred to Mizoram.

Earlier, the NDA government had sacked Mizoram Governor Kamla Beniwal, who had served in Gujarat earlier and had a running battle with Narendra Modi when he was the state's Chief Minister.

The Congress spokesperson at the same rejected contentions that the Governors appointed during the previous UPA regime do not want to serve in the Northeastern states.

"A number of Governors appointed by UPA are still working in North Eastern Region. But the government is choosing one state as a dumping ground," Ahmed said alluding to Mizoram and disapproved of the act of "transferring Governors from one big state to a smaller state" without taking his or her consent.

He reminded that before being sacked Beniwal was also shifted to Mizoram.

"After the kind of treatment meted out to her after sending her to Mizoram, any self-respecting Governor would apprehend what treatment the government meet out to them.

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PEOPLE: Jignesh Shah
SECTION: Business
OUTLOOK 25 August, 2014
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