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