Following investigations into alleged price manipulations in the scrips of BPL, Videocon and Sterlite in the wake of the payment crisis on the BSE in May last year, Sebi indicted him for his "failure to discharge his duties and responsibilities in an objective and professional manner."

In a statement here, the regulator said, "It was found that his conduct in the context of developments related to these scrips was detrimental to the transparency, integrity and fairness of the system."

Pursuant to investigations of the functioning of exchanges and their office-bearers, show cause notices were issued to the then BSE president JC Parekh, vice president Rajendra K Banthia and Mathur for their rolein influencing the exchange administration.

Earlier this year, Sebi had directed Parekh to relinquish office of BSE president. The matter was contested by him and still stands pending with the Mumbai high court. Meanwhile, Mathur and Banthia had resigned.