The CBI has decided to close a case against former SEBI chairman C B Bhave and another ex-member in connection with grant of sanction to MCX-SX to function as a full-fledged private stock exchange but recommended departmental action against him. The sources said that the CBI has finalized the case in which similar action is being recommended to the Finance Ministry against former SEBI member K M Abraham. Besides this, the CBI has decided to file a regular case against Jignesh Shah and some unknown officials of the Securities and Exchange Board of India (SEBI) for alleged concealing of facts and conspiring to cheat the investors. Shah is already under the scanner of Economic Offence Wing and other probe agencies like Enforcement Directorate since last year when National Spot Exchange Ltd (NSEL), part of the Financial Technologies India Limited, FTIL group founded by him, faced a payment crisis as nearly 18,000 of its investors allegedly lost millions of rupees. The size of the scam has been pegged at Rs 5,600 crore. Bhave, a 1975 batch IAS officer of Maharashtra cadre, was not available for comments. MCX-SX was set up by FTIL and its commodity exchange arm MCX and began functioning as a full-fledged stock exchange last year after a prolonged battle with SEBI. The exchange was initially granted permission for only a limited segment of currency derivatives in 2008, on the condition that its licence would require approval every year. Last year, SEBI asked MCX-SX to restructure its board and governance structure after a payment crisis broke out at NSEL.