Sebi chairman Ajay Tyagi gets six-month extension, say sources
PTI, Feb 29, 2020, 1:45 PM IST
New Delhi: The government is believed to have given a six-month extension to incumbent Sebi Chairman Ajay Tyagi, amidst a continuing process of selecting a new chief for the capital market regulatory body.
A 1984 batch IAS officer of Himachal Pradesh cadre, Tyagi assumed charge as Sebi chief on March 1, 2017.
According to sources, the government has decided to give a six-month extension to Tyagi as Sebi Chairman, a post for which the top applicants include Economic Affairs Secretary Atanu Chakraborty, Corporate Affairs Secretary Injeti Srinivas, Additional Secretary in the Finance Ministry Pravin Garg and Sebi Whole Time Member Madhabi Puri Buch.
An official notification in this regard is expected soon.
Last week, sources said that two dozen people, including two Whole Time Members of Securities and Exchange Board of India (Sebi), have applied for the post of Chairman.
The last date for applying for the post was February 10.
Initially, Tyagi was appointed for a period of three years and was eligible for an extension of two years. However, the government decided to call in for a fresh selection process by issuing an advertisement on January 24.
In the case of Tyagi, the government issued appointment notification twice.
According to the first notification issued on February 10, 2017, Tyagi, the then Additional Secretary (Investment) in the Department of Economic Affairs, was appointed Sebi Chairman for a period not exceeding five years or till the age of 65 years or until further orders, whichever is earlier.
Subsequently, another notification curtailed his appointment to a period of three years.
As per the procedure for the appointment of regulatory heads, the candidates would be shortlisted by the Financial Sector Regulatory Appointments Search Committee (FSRASC) headed by the Cabinet Secretary.
The shortlisted candidates are interviewed by a panel comprising Economic Affairs Secretary and three external members having domain knowledge.
Based on the interaction, FSRASC recommends a name to the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi for approval.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Air India Express to curtail flights amid cabin crew shortage
India received over $111 billion in remittances in 2022, first country to ever reach that figure: UN
Sebi rejects NSE’s proposal to extend trading hours
NSE to conduct special trading session on May 18 to test preparedness for disruption
TOEFL scores to be now valid for all Australian visa purposes: Educational Testing Service
MUST WATCH
Latest Additions
Grand premiere of Tulu movie “Tthudarr” in Qatar leaves audience in awe
Congress is ‘anti-Ram, anti-Sanatan’: JP Nadda
Mangaluru: Engineering student found dead at hostel; suicide suspected
Actor follows CM Shinde’s convoy at Mumbai sea link to avoid paying toll; held by cops
Shivamogga: Two rowdies hacked to death, situation tense