Welcome to StayInform, what happened to SEBI chief? And why he is under SEBI surveillance, we will discuss in detail here. G.N. Bajpai, who served as the chairman of SEBI from 2002 to 2005. He was also involved in the cheque bounce case in 2013 and an arrest warrant was issued against him.
Table of Contents
What Happened To SEBI Chief?
Ownership and Tax Scrutiny In Invent ARC
Bajpai, as a shareholder director of Invent Assets Securitisation and Reconstruction Private Limited (Invent ARC), has 11-12% shares and the Income Tax Department has alleged that these transactions are worth over 10,000 crores. He has also been involved in fraudulent trade practices and being a shell company.
Vajpayee’s Role and Reaction
Vajpayee has downplayed the role of a father figure, which is usually done by high-profile people, saying publicly, “I am a non-executive director, I am not involved in the day-to-day running of the company.”
Historic Cheque Dishonour Case
A Barnala court had issued a bail able warrant against Vajpayee in a 3 crore bounced cheque dispute involving Lakshmi Cutsin Limited in 2013.
Why This is Important:
SEBI, India’s capital markets regulator, has identified the involvement of a former chairperson in a company under tax investigation as a significant issue. After retirement, Vajpayee has served as an advisor or director in investment companies. And at one time, he was a director of companies like Kingfisher.
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Timeline at a Glance
- Served as SEBI chairman from 2002–2005.
- 2013 warrant issued in cheque dishonour case involving Lakshmi Cutsin Limited
- Briefly served on the IL&FS board in 2018, then resigned citing personal reasons.
- 2021–2025 Stakeholder of Invent ARC, under investigation by IT department.
Who is SEBI’s New Chairman?
Tuhin Kanta Pandey is SEBI’s New Chairman
Who Controls SEBI in India?
SEBI Control two members from the Union Finance Ministry. One member from the Reserve Bank of India.
Who Was the First Woman to Head SEBI?
Madhabi Puri Buch was the first woman to head SEBI.
Who Appointed SEBI Chairman?
SEBI Chairman Appointed by – The government of India
Final Reflections
Although Vajpayee claims that he played a non-executive role and was not involved in management decisions, the scale of the allegations against him indicates serious administrative concerns. The Income Tax Department raids and the presence of shell companies are worrisome.
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