New Delhi :  Describing as “witch hunt” the CBI probe launched against former SEBI chief C B Bhave, Assocham today said such actions send a disturbing signal to the industry. Terming as “flimsy” the grounds on which the CBI probe was launched, Assocham Secretary General D S Rawat said: “… (it) would make honest bureaucrats and decision-makers in the government wary of taking any decision… It would certainly lead to a situation where policy paralysis would be inflicted upon by the investigative agencies.”

According to the CBI, the PE was registered on issues of alleged irregularities in granting sanction to the MCX Stock Exchange (MCX-SX) by Securities and Exchange Board of India in 2008 and renewing the recognition in 2009 and 2010.

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