CB Bhave, former chairman of the Securities and Exchange Board of India (SEBI) has clarified that he is not behind a petition challenging the appointment of UK Sinha as his successor on the position.

A Public Interest Litigation (PIL) has been filed in the Supreme Court challenging the amendments to rules governing the appointment of Sebi members. The petition also asks for the annulment of appointment of U. K. Sinha as Sebi chairman. The PIL is questioning the role of the union finance ministry in the appointment of members of the selection committee who select the chairman of the regulating body.

Bhave said that he is not behind the petition and the finance ministry is linking his name to malign his reputation. "For the government to suggest that this is a controversy that relates to me is astonishing and defamatory," Bhave said during an interview.

The finance ministry said that the persons behind the PIL were looking for "an indirect way" to bring about the reinstatement of Bhave and two other members, including KM Abraham and MS Sahoo.

Bhave further said that it was "bizarre" to link him to the case. He said that he is moved on with his life and does not wish to be involved in the legal proceedings as he has not personal stake in the matter.