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 accomplice to the crime of corruption is frequently our own indifference.”
—Bess Myerson (b. 1924)
“The corruption of the age is produced by the individual contribution of each one of us; some contribute treachery, others injustice, irreligion, tyranny, avarice, cruelty, in accordance with their greater power; the weaker ones bring stupidity, vanity, passivity, and I am one of them.”
—Michel de Montaigne (1533–1592)
“The corruption of the best things gives rise to the worst.”
—David Hume (1711–1776)