The market regulator Sebi is under the CBI's scanner as a preliminary enquiry has been initiated by the investigative agency against some Sebi officials and former promoters of Bank Of Rajasthan- the Tayal group.
The case pertains to wrongful disclosure of shareholding norms by the bank and the penalty levied by Sebi thereafter.
Sources say the CBI will ascertain whether Sebi's order on Bank of Rajasthan promoter Praveen Tayal was sound and whether the penalty levied was appropriate.
The investigative agency will also ascertain whether Sebi was allegedly compromised in passing the order on Bank of Rajasthan's former promoters. In fact a preliminary enquiry has been initiated after receiving complaints from Bank of Rajasthan shareholders. They allege that Sebi's 2012 order was weak, and the penalty of Rs 30 crore was inadequate.
The Sebi's investigation relates to the alleged wrong disclosure made by Bank of Rajasthan promoters about their shareholding in the bank. Interestingly, the market regulator in its order had itself stated that it was difficult to quantify the exact penalty on the case. So, clearly, CBI will now have to dig deep as it ascertains if the order passed by Sebi was appropriate or whether the market regulator was compromised.
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