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

Posted: Tue Aug 30 2011, 01:52 hrs New Delhi:

SEBI chief U K Sinha

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.