'Defensive work' at Sebi

With the Central Bureau of Investigation beginning a preliminary enquiry against former Securities and Exchange Board of India Chairman C B Bhave and full-time member K M Abraham in the Financial Technologies case, officials involved in the process of granting a licence to the currency exchange are busy preparing their own sets of papers. "It's best to be prepared in these circumstances because they fear they might be summoned by the investigative agency to provide documents supporting their case," said a person in the know. In fact, he claims many executives have already prepared separate files to justify decisions that were made at their individual levels.