The manner in which CBI started a preliminary inquiry against former SEBI chairman C.  B.  Bhave and former member K.  M.  Abraham is shocking as well as appalling, Congress leader Jairam Ramesh said.

Earlier this month, CBI initiated an inquiry against Bhave and Abraham for alleged irregularities in granting recognition to MCX Stock Exchange (MCX-SX) in 2008 and renewing it in the subsequent two years.  Bhave headed the capital market regulator from February 2008 to February 2011, while Abraham completed his term as a whole-time member in 2011.

But the preliminary inquiry against the two retired executives of SEBI has apparently pushed CBI into a major controversy as the move is taking a political clamor.

Condemning the move, Jairam said, "C.  B.  Bhave is one of the most outstanding IAS officers, Abraham is one of the most diligent, one of the most honest..  This fishing expedition by CBI is detrimental to decision-making in public domain...  All decision-making will come to a halt this way."

While he hailed Abraham as one of the most honest officers, he added that even the Prime Minister has the highest regard for Bhave's integrity.  He asked how a person can question the two retired executives for decisions taken by them when anything mala fide/quid pro quo had not been proved.

The CBI inquiry, which is to ascertain how the beleaguered MCX-SX got recognition despite opposition by SEBI, also named Jignesh Shah-founded Financial Technologies India Ltd and its MCX commodity exchange.