He replaces R K Padmanabhan, whose role as chief vigilance officer (CVO) has come under the scanner of CBI with regard to an inquiry in connection with purported weakening of a case against promoters of Bank of Rajasthan (BoR).

Bhushan has been appointed as CVO at Securities and Exchange Board of India (Sebi), according to sources.
CBI has registered a preliminary enquiry looking into the alleged weakening of the Bank of Rajasthan case. BoR was acquired by ICICI Bank in 2010.
About the inquiry, Padmanabhan had on Friday said, "inquiry will bring out the truth."
A Preliminary Enquiry (PE) is an initial probe in which CBI looks for veracity of allegations and grounds for filing an FIR. No arrests or questioning is done under a PE.
Sebi had found violations of norms by the BoR's promoter group controlled by Tayal family and other entities by indulging in fraudulent and unfair trade activities.
Later, penalties were imposed on various entities by the watchdog on February 14, 2013.
The market regulator investigated the matter during the period between June 2007 and December 2009.
Meanwhile, Sebi has Padmanabhan has been appointed as Executive Director on deputation, effective from September 26 for a "period of three years or cadre clearance limit whichever is earlier".
"He has worked as Executive Director with Sebi during the period 2011-2014," the regulator said in a release late Friday.

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