Corruption
CBI arrested Avarjeet Singh, a Deputy General manager (DGM) of SEBI for demanding and accepting a bribe amounting to 10 lakh (US$18,200) on 1st June 2012.The DGM was denied bail by a sessions court on 20 June 2012. Taking a tough stand, the court observed (among other things), "when our country is fighting against the menace of corruption, if a high ranking official of SEBI is granted bail, that will send wrong signals to the society". The Gujarat High Court granted him bail on 26 June 2012.
On 9 August 2012, Minister of State in Finance Ministry, replying to a question in the upper house of Indian Parliament, Rajya Sabha, said that three SEBI officers were under investigation for corruption. The officers were Assistant General Managers Jerome K Alexander and Rajesh Pratap Singh and Deputy General Manager Avarjeet Singh.
Read more about this topic: Securities And Exchange Board Of India
Famous quotes containing the word corruption:
“The great constitutional corrective in the hands of the people against usurpation of power, or corruption by their agents is the right of suffrage; and this when used with calmness and deliberation will prove strong enough.”
—Andrew Jackson (1767–1845)
“Saigon was an addicted city, and we were the drug: the corruption of children, the mutilation of young men, the prostitution of women, the humiliation of the old, the division of the family, the division of the country—it had all been done in our name.... The French city ... had represented the opium stage of the addiction. With the Americans had begun the heroin phase.”
—James Fenton (b. 1949)
“The time to guard against corruption and tyranny, is before they shall have gotten hold on us. It is better to keep the wolf out of the fold, than to trust to drawing his teeth and talons after he shall have entered.”
—Thomas Jefferson (1743–1826)