New Sebi Chief’s Term to be for 3 yrs Ini­tially, Says Govt

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New Delhi: The gov­ern­ment said on Fri­day that the ten­ure of the next chair­man of the Se­cu­ri­ties and Ex­change Board of In­dia (Sebi), Ajay Tyagi, will “ini­tially” be for three years.

The ear­lier order is­sued on Fe­bru­ary10 had said Tyagi’s term will be for a pe­riod not ex­ceed­ing five years or till the age of 65. A gov­ern­ment of­fi­cial said the lat­est order was is­sued to clear up am­bi­gu­ity on the length of the ten­ure. The new order said the term will be for an ini­tial three-year pe­riod, leav­ing open the pos­si­bil­ity that it could be ex­tended later.

The rules al­low for a term of five years or up to the age of 65 for the Sebi chair­man. Some Sebi mem­bers ap­pointed re­cently have been given five-year terms.

Tyagi, 58, is from the 1984 batch of the In­dian Ad­min­is­tra­tive Ser­vice (IAS) and be­longs to the Hi­machal Pradesh cadre. He’s cur­rently posted as ad­di­tional sec­re­tary, in­vest­ment, in the de­part­ment of eco­nomic af­fairs.

He will take over as Sebi chief af­ter the ex­tended term of cur­rent chair­man UK Sinha ends on March 1. The Ap­point­ments Com­mit­tee of the Cabi­net headed by Prime Min­is­ter Naren­dra Modi had ap­proved Tyagi’s ap­point­ment.

Tyagi, who hails from Ut­tar Pradesh, is a post grad­u­ate in eco­nom­ics. He was joint sec­re­tary in the min­istry of en­vi­ron­ment and forests be­fore join­ing the fi­nance min­istry in Novem­ber 2014 as ad­di­tional sec­re­tary. He has spear­headed FDI re­forms and mea­sures aimed at deep­en­ing the cor­po­rate bond mar­ket. He was also on the board of the RBI for a short while. Sinha, a 1976 batch IAS of­fi­cer of the Bi­har cadre, had as­sumed of­fice as Sebi chair­man in Fe­bru­ary 2011 dur­ing the pre­vi­ous UPA gov­ern­ment.

Ajay Tyagi

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