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
Patanjali Foods to evaluate proposal to buy Patanjali Ayurved’s non-food business
Nifty, Sensex rally for 6th day running on firm Asian peers; Tech Mahindra jumps over 12%
IndiGo, Air India plan to purchase up to 170 wide-body planes in little over a year
Kotak Mahindra Bank shares tank 13%; mcap erodes by Rs 37,721 crore post RBI action
Four-day market rally makes investors richer by Rs 8.48 lakh crore
MUST WATCH
Latest Additions
Patanjali Foods to evaluate proposal to buy Patanjali Ayurved’s non-food business
Congress to discuss candidates for Amethi, Raebareli seats on Saturday
BJP’s CT Ravi Booked for Promoting Hatred and Enmity Through Social Media Post
Elections held in 14 LS segments in Karnataka, voter turnout nearly 64 per cent till 5 pm
‘PM is scared, may even shed tears on stage’: Rahul Gandhi’s fresh salvo at Modi