By now, the whole world has condemned the Central Bureau of Investigation (CBI)'s move to register a preliminary inquiry against former Securities and Exchange Board of India (Sebi) chief C B Bhave and ex-member K M Abraham. Newspaper editorials have said the CBI is barking up the wrong tree and an online commentator accused the agency of being "bird brained", in addition to the Supreme Court finding of it being a "caged parrot".
For anyone who has seen the duo go after powerful corporate interests, often ignoring instructions of their political patrons, it doesn't come as a surprise. In fact, Bhave and his boys have been unfairly targeted earlier, too. The income tax department initiated proceedings for non-existent violations. In regulatory circles, it is well known how one of the supposed preys started chasing the predatory taxman, seeking to know what they had found in their investigations.
Bhave's tirade against the CBI action and his demand for a public apology in The Economic Times on Monday is an extension of that bravado, fuelled by a sense of having done no wrong. That reminds me of the famous Colonel Trautman wisecrack in First Blood. To Sheriff Teasle, who suspects the colonel of trying to defend Rambo, Trautman says: "I don't think you understand. I didn't come to rescue Rambo from you; I came here to rescue you from him." In a rare display of character, Bhave also took responsibility for the grant of licence, absolving his subordinates. A more devious person might have taken another route under such circumstances. Given all this, I am actually happy the CBI is finally into the case of Jignesh Shah and his empire, which is now fast disintegrating.
I feel the door the CBI entered through is immaterial as long as the agency carries out a free, fair and leave-no-loose-ends investigation, tell us what really happened and why Rs 5,600-crore of public money went up in smoke. And, how a man who could put the country's financial system in jeopardy was not only allowed to grow so big but also allowed to position himself as the custodian of the future of India's financial markets.
It is no secret that Shah and his disintegrating empire have benefited from the benevolence of government officials and regulators at various points. Some of it was legitimate and well-deserved; a lot of it was not. Some of it was in genuine public interest; a lot of it was not. Hindsight tells us so. Therefore, the CBI should go as far as back as 2003, if need be, when Shah secured the licence to run MCX, and come to as late as 2012, when his entity secured a licence to trade stocks.
There are no wrong doors as long as you reach the right room.
For anyone who has seen the duo go after powerful corporate interests, often ignoring instructions of their political patrons, it doesn't come as a surprise. In fact, Bhave and his boys have been unfairly targeted earlier, too. The income tax department initiated proceedings for non-existent violations. In regulatory circles, it is well known how one of the supposed preys started chasing the predatory taxman, seeking to know what they had found in their investigations.
Bhave's tirade against the CBI action and his demand for a public apology in The Economic Times on Monday is an extension of that bravado, fuelled by a sense of having done no wrong. That reminds me of the famous Colonel Trautman wisecrack in First Blood. To Sheriff Teasle, who suspects the colonel of trying to defend Rambo, Trautman says: "I don't think you understand. I didn't come to rescue Rambo from you; I came here to rescue you from him." In a rare display of character, Bhave also took responsibility for the grant of licence, absolving his subordinates. A more devious person might have taken another route under such circumstances. Given all this, I am actually happy the CBI is finally into the case of Jignesh Shah and his empire, which is now fast disintegrating.
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In Singapore, where I will be based for the next few weeks, the civil service, I am told, has a 'no-wrong-doors' policy. So, even if a citizen approaches a part of civil service that does not deal with his service requirement, he is not sent away. But officials are required to help him to the 'right door'. Thus, there are no wrong doors.
I feel the door the CBI entered through is immaterial as long as the agency carries out a free, fair and leave-no-loose-ends investigation, tell us what really happened and why Rs 5,600-crore of public money went up in smoke. And, how a man who could put the country's financial system in jeopardy was not only allowed to grow so big but also allowed to position himself as the custodian of the future of India's financial markets.
It is no secret that Shah and his disintegrating empire have benefited from the benevolence of government officials and regulators at various points. Some of it was legitimate and well-deserved; a lot of it was not. Some of it was in genuine public interest; a lot of it was not. Hindsight tells us so. Therefore, the CBI should go as far as back as 2003, if need be, when Shah secured the licence to run MCX, and come to as late as 2012, when his entity secured a licence to trade stocks.
There are no wrong doors as long as you reach the right room.