Ajay Tyagi to Head Sebi

Fi­nance min­istry of­fi­cial was in­stru­men­tal in FMC-Sebi merger

The Economic Times - - Front Page - Our Bureaus

Mumbai | New Delhi: The gov­ern­ment on Fri­day ap­pointed Ajay Tyagi, a low-pro­file, se­nior bu­reau­crat in the fi­nance min­istry to head the Se­cu­ri­ties and Ex­change Board of In­dia, the coun­try’s cap­i­tal mar­kets watch­dog. He will re­place UK Sinha, who will fin­ish his term on March 1, 2017.

Fi­nance min­istry of­fi­cials de­scribe Tyagi as a no-non­sense bu­reau­crat with knowl­edge and ex­pe­ri­ence of fi­nan­cial mar­kets. He has been in charge of the cap­i­tal mar­kets di­vi­sion in the eco­nomic af­fairs de­part­ment since Oc­to­ber 2014 and headed the com­mit­tee that crafted the draft code on res­o­lu­tion of fi­nan­cial firms. He has con­sid­er­able ex­pe­ri­ence in se­nior gov­ern­men­tal po­si­tions, hav­ing served as joint sec­re­tary in the min­istry of en­vi­ron­ment ear­lier. “The Ap­point­ments Com­mit­tee of the Cab­i­net (ACC) has ap­proved the ap­point­ment of Shri Ajay Tyagi, IAS, ad­di­tional sec­re­tary, de­part­ment of eco­nomic af­fairs to the post of Chair­man, Se­cu­ri­ties & Ex­change Board of In­dia for a pe­riod not ex­ceed­ing 5 years or till the age of 65 years or un­til fur­ther or­ders, whichever is the ear­li­est,” the gov­ern­ment said in a no­ti­fi­ca­tion on Fri­day.

Tyagi, 58, who hails from Ut­tar Pradesh, was in­stru­men­tal in the merger of com­modi­ties mar­ket reg­u­la­tor For­wards Mar­kets Com­mis­sion (FMC) with Sebi.

A se­nior gov­ern­ment of­fi­cial said Tyagi is me­thod­i­cal and a quiet worker and has a good grasp of a reg­u­la­tor’s func­tions. He rep­re­sented In­dia at the Fi­nan­cial Ac­tion Task Force (FATF), an in­ter­gov­ern­men­tal body set up to com­bat money laun­der­ing, ter­ror fi­nanc­ing and other re­lated threats. He also rep­re­sents In­dia at the Fi­nan­cial Sta­bil­ity Board, an in­ter­na­tional body to mon­i­tor global fi­nan­cial sys­tems.

Tyagi was also the gov­ern­ment's nom­i­nee on the RBI board for some time in 2015. He led the ini­tia­tives on cor­po­rate bonds mar­kets. He held the charge of in­vest­ment in the fi­nance min­istry and has been in­stru­men­tal in push­ing FDI lib­er­al­i­sa­tion. The Sebi chair­man re­ceives a con­solidated pay pack­age of ₹ 4.5 lakh per month.

PIB

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