Though the agency did not include former Sebi chief CB Bhave and ex-member KM Abraham in the case, it recommended departmental action against the two.
Shah, the bourse and the Sebi officials were charged for alleged criminal conspiracy and violations under the Prevention of Corruption Act. Rao, Dangeti and More worked under J N Gupta, who was responsible for the market regulation department.
While Gupta has quit and floated a proxy advisory firm, Rao has been promoted as executive director.
More, a visually challenged officer, was often seen in the rooms of the Bombay High Court during the high-profile legal battle between Sebi and MCX-SX in 2010.
While Gupta declined to comment, other officials could not be immediately contacted.
Investigation into the case, which began in March, focused on the initial recognition of the bourse in 2008.
A CBI statement on Monday suggested the focus shifted to renewal of the recognition in 2009.
The agency said Shah and MCX-SX ‘in connivance with Sebi officials, deliberately suppressed’ certain buy-back agreements the promoters had entered into with a public sector bank.
“It has been alleged promoters of the stock exchange had entered into a buy-back arrangement with a nationalised bank, in violation of the Securities Contract Regulation Act, 1956, and the Securities Contract (Regulation) (Manner of Increasing and Maintaining Public Shareholdings in Recognised Stock Exchanges) Regulation, 2006,” the statement said.
It added this fact was suppressed “while applying for extension of recognition of the stock exchange, to conduct trade in currency derivatives and fraudulently obtained the extension of recognition of the exchange in 2009
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