SEBI member in threat after leaked controversial letter from PM office.

pranab mukherjeeNew Delhi: A former board member of the Securities and Exchange Board of India (SEBI) has spoken concerning the threat being faced by him and his family, according to a report.

The reason of the threat is a letter which is written by KM Abraham to PM Manmohan Singh, in which he protested about Finance Minister Pranab Mukherjee, his advisor Omita Paul and SEBI chairman UK Sinha has been leaked.

The letter was forwarded to the Finance Ministry by the Prime Minister’s Office, thus revealing Abraham’s identity.

In a letter sent on June 1, Abraham had criticized to the PM that Mukherjee and Paul were trying to destabilize the stock market regulator’s independence by pressurising Sinha to manage several cases involving high-profile corporate houses.

The enforcement cases in question comprise those against Sahara, Reliance Industries Ltd and ADAG companies, Bank of Rajasthan and MCX-SX, a new stock exchange that at present offers trading facilities in currency.

According to the report, the PMO had forwarded the letter to R Gopalan, Economic Affairs Secretary in the Finance Ministry fortnight after receiving the same. Angry at the PMO move, Abraham shot off another letter to the PM on June 24.

He complained that “I couldn’t have gone to the Finance Minister who (as UK Sinha disclosed) had conveyed his interest in a few cases in SEBI to the chairman personally. Giving a copy of my letter that bears specific references to corporate houses, to the Finance Ministry, under the present circumstances can have the unintended consequence of exposing our lives and safety to grave risks.”

Paul told the daily that “I do not know Abraham. I have never spoken to him. The Finance Ministry has sent its response on the issue to the PMO, the Department of Personnel and Training and the Central Vigilance Commissioner.”

Leave a comment