In fact, Mr Bhave, who has been CMD of NSDL, had requested the government that he be recused from these proceedings. He had sought a mechanism to oversee the conduct of these proceedings. ''Having considered this request, the Central Government has advised the SEBI Board that in order to ensure objectivity in the handling/conduct of these pending proceedings, these matters be handled by a team of non-Whole Time Members of SEBI who were not party to the initiation or processing of such proceedings,'' a Ministry spokesman said.
Neither Mr Bhave who was heading NSDL nor the nominee of the Ministry of Finance on the SEBI Board would be involved in this special arrangement. These proceedings would be overseen by a three member team comprised of part time members of the Board. The team would associate an eminent legal expert for professional advice.