The government today said three executives of market regulator Sebi are being investigated for alleged cases of irregularities, bribery and corruption, and all of them have been suspended from their respective jobs.

Replying to a written question in the Rajya Sabha, Minister of State in Finance Ministry Namo Narain Meena said that these executives include Assistant General Managers Jerome K Alexander and Rajesh Pratap Singh and Deputy General Manager Avarjeet Singh.

To a question from MP Rajeev Chandrasekhar that whether any investigation has been conducted into allegations of irregularity, bribery and corruption by the staff in Sebi (Securities and Exchange Board of India), Meena replied in affirmative.

Giving specific details for the three executives, Meena said an investigation is being held against Alexander relating to his alleged involvement in the issuance of a forged letter in the matter of Pyramid Saimira Theatre Ltd.

Alexander has been placed under suspension from April 15, 2011, the minister said.

In another matter, CBI, Kolkata has informed Sebi that two cases have been registered against Rajesh Pratap Singh for alleged possession of disproportionate assets and alleged acceptance of bribe.

“The employee has been placed under suspension from February 1, 2010...” Meena said.

Besides, CBI, Gandhinagar has informed Sebi that a case has been registered against Avarjeet Singh for allegedly demanding illegal gratification and the employee has been placed under suspension from May 31, 2012.

The Minister further said the alleged involvement of Alexander in the matter of forged letter is yet to be concluded by Sebi’s Chief Vigilance Officer (CVO), while alleged corruption case against Singh is being investigated by Sebi.

Anti-Corruption Bureau, CBI, Kolkata has initiated prosecution against Avarjeet Singh and has filed two charge sheets against him before CBI court in Kolkata.

(This article was published on August 9, 2012)
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