CBI, which filed an FIR in the case, has charged Gupta, at present executive director SV Muralidhar Rao, deputy general manager, Rajesh Dangeti and assistant general manager Vishakha More and companies FTIL, MCX, Shah-promoted FTIL with cheating, criminal conspiracy and abuse of official positions.
More, who received the best employee award by the Union ministry of social justice and empowerment from President Pranab Mukherjee last year, had surprised many in Sebi as she was visually impaired.
CBI officials said they would definitely probe whether she was misled by her colleagues whose help she used to take in case any note was handwritten.
When contacted, Gupta refused to comment anything about the case having been registered by CBI under section 120-B (Criminal Conspiracy) 420 (Cheating) of IPC. The agency has also accused them under 13(2) and 13(1) (d) (iii) of Prevention of Corruption Act, 1988 (while holding office as a public servant, obtains for any person any valuable thing or pecuniary advantage without any public interest).
The sources said that the agency also recommended departmental action against former Sebi chairman CB Bhave and ex-member KM Abraham as there was not enough evidence against the duo to prosecute them in a court.
CBI alleged Shah had entered into a buy-back arrangement with a nationalised bank in violation of Securities Contract Regulation Act, 1956, and Securities Contract (Regulation) (Manner of Increasing and Maintaining Public Shareholdings in Recognized Stock Exchanges) Regulation, 2006.