Support for former SEBI chief CB Bhave and its member KM Abraham swelled on Tuesday as Union minister Jairam Ramesh slammed the Central Bureau of Investigations (CBI) for initiating a probe against them over alleged irregularities in granting license to MCX-Stock Exchange (MCX-SX).
Ramesh even dragged Prime Minister Manmohan Singh into the controversy saying, “ the Prime Minister has highest regard for Bhave’s integrity.”
Hinting at the role of Bhave and Abraham’s detractors, Ramesh added, “There seems to be some larger forces behind this incident who are getting away scot free.”
The CBI has started a preliminary enquiry against the two regulators but the move has stirred a controversy with support pouring in for Bhave and Abraham. Former CAG Vinod Rai has openly batted for Bhave, saying that he refuses to believe that Bhave can do even 1% irregularity.
Showering praise on both Bhave and Abraham who were earlier at loggerheads with some top ministry officials when Pranab Mukherjee was the finance minister, Ramesh said, “I am shocked and appalled at the manner in which the CBI has initiated probe against these two honest officers. Bhave was one of the most outstanding IAS officer and he brought integrity to the capital market.”