CBI to quiz Bhave soon as inquiry nears advance stage

Central Bureau of Investigation (CBI) is likely to call former Sebi chairman C B Bhaveand Sebi member K M Abraham for questioning in connection with its probe in the MCX-SX matter.

Senior CBI official told that the agency is in the advancestages of enquiry and will soon called Bhave and Abraham to join the probe.

The agencywill then take a final decision on whether it will take the case forward in an FIR or close the matter if there is insufficient evidence.

CBI registered a PE against Bhave and former Sebi member K M Abraham on March 13 for which the agency also drew flak from union ministers P Chidambaram, Jairam Ramesh, seniorbanker Deepak Parekh.

The agencyhad said earlier that it evidence to suggest that finance ministry'srecommendations were overlooked in granting licence to MCX in 2008. CBI is also alleging that one year after grant of licence MCX wassupposed to dilute its stake from 91% to 5%.

In spite of itsfailure to meet this requirement MCX's licence was renewed in 2009. Both theseaspects are being probed by CBI. The agency had said that after collectingenough information would approach Bhave for "his side of the story.

"CBI has taken note of the factthe Abraham raised the issue of "financial jugglery" done by MCX in its stakedilution in 2010, but it is probing why no issue was raised from 2008 to 2010,the period of CBI enquiry.