Bangalore-based financial expert challenges SEBI chairman UK Sinha’s appointment to the SEBI chair in the Supreme Court through advocate Prashant Bhushan

In the petition he has questioned Sinha’s integrity, denial of extension to the previous chairman, and his alleged leniency toward corporate lobbyists facing action. The petition alleges that Sinha committed fraud on the Search and Selection Committee and the parliamentary Appointment Committee. Sinha allegedly concealed emoluments of over Rs 4 crore received as CMD of UTI Asset management.

The petitioner has asked for his removal from the SEBI chair and for a criminal investigation into his appointment at the asset management company.

Secretary to the president Omita Paul, the central government, SEBI, the chief vigilance commissioner, and the CBI have also been made respondents in the petition.

Two previous petitions in the Supreme Court challenging the appointment process behind instating Sinha were dismissed by a bench headed by the Chief Justice [Business Standard]