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 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)
“The corruption of man is followed by the corruption of language.”
—Ralph Waldo Emerson (1803–1882)
“That the corruption of the best things produces the worst, is grown into a maxim, and is commonly proved, among other instances, by the pernicious effects of superstition and enthusiasm, the corruptions of true religion.”
—David Hume (1711–1776)