Ex-SEBI member to PM: ID leaked, family at grave risk

Aug 30 2011,(Tehelkanews)

A whole-time board member of the Securities and Exchange Board of India (SEBI), the stock market regulator, has complained to the government that he and his family are at "grave" risk after his letter to the Prime Minister complaining against Finance Minister Pranab Mukherjee, the minister's advisor Omita Paul, and his chairman U K Sinha, was sent to the finance ministry — and his identity leaked.In that first letter sent on June 1, K M Abraham, a 1982 IAS Kerala-cadre officer — his term in SEBI ended on July 20 — alleged that Mukherjee and Paul put pressure on Sinha to "manage" some high-profile corporate cases and, in the process, undermined the regulator's integrity.

Abraham's letter referred to several enforcement cases against groups including Sahara, Reliance Industries Ltd and ADAG companies, Bank of Rajasthan and MCX-SX, a new stock exchange that currently offers trading facilities in currency derivatives."While reviewing these cases in his three months as Chairman SEBI, Shri U K Sinha has directly or indirectly, referred to how these cases are sensitive and are engaging the attention of the Union Minister for Finance or Smt Omita Paul, Advisor to the Finance Minister," Abraham alleged.Sinha had replaced C B Bhave as SEBI chairman on February 18 this year.

A fortnight after receiving Abraham's letter, the PMO sent a copy to Economic Affairs Secretary in the finance ministry, R Gopalan, for his comments. Expressing anguish at this, Abraham wrote again to the Prime Minister on June 24.






News From: http://www.7StarNews.com