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Indian police escalate probe into capital markets regulator with arrest, raids

( September 21, 2016, 06:24 GMT | Insight) -- Indian federal police have arrested at least one person and raided the homes and offices of Securities and Exchange Board of India officials in connection with an ongoing investigation into the anomalous renewal of MCX Stock Exchange’s operating license in 2009, Reuters reports. Indian federal police have arrested at least one person and raided the homes and offices of Securities and Exchange Board of India officials in connection with an ongoing investigation into the anomalous renewal of MCX Stock Exchange’s operating license in 2009, Reuters reports. The Central Bureau of Investigation is alleging that SEBI and MCX officials worked together to renew the license, even though MCX, now known as the Metropolitan Stock Exchange, may have violated regulations that should have disqualified it from the extension. CBI did not identify the SEBI officials under investigation, but a senior police official told Reuters the executive arrested was Jignesh Shah, former chairman of Financial Technologies (India) Ltd., which was the majority owner of the MCX....

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