CBI closes case against former Sebi chief Bhave

The Central Bureau of Investigation has decided to close a case against former Sebi chairman CB Bhave and another ex-member in connection with grant of sanction to MCX-SX to function as a full-fledged private stock exchange but recommended “departmental action” against him. This follows the agency coming to a conclusion that Bhave’s role in granting permission to the private exchange was not of serious nature to warrant registering a case, a source said. Bhave was 1975 batch IAS officer of Maharashtra cadre, who took voluntary retirement from service in 1996. The source said that the CBI has finalised the case in which similar action is being recommended to the finance ministry against former Sebi member KM Abraham. In a related development, the CBI has decided to file a regular case against Jignesh Shah and some unknown officials of the Securities and Exchange Board of India (Sebi) for alleged concealing of facts and conspiring to cheat the investors.