Senior IAS Officer Ajay Tyagi is set to replace Upendra Kumar Sinha as the chairman of Security Exchange Board of India. The 58-year-old SEBI-chairman designate has been a veteran administrator, who has served the government at various levels. Tyagi was the first to be appointed secretary at the Petroleum and Natural Gas Regulatory Board (PNGRB) in November 2006. At PNGRB, Tyagi was responsible for the entire functioning as the chairman of the board was not appointed and he was responsible for coming out with the early regulations for the city gas distribution sector. Tyagi also played a prominent role in drafting regulations of PNGRB Act as a joint secretary in the Ministry of Petroleum and Natural Gas. Tyagi served the petroleum ministry for 5 years, first as director, and then as joint secretary. After a two-year tenure at PNGRB, Tyagi moved back to his cadre state handling portfolios as diverse as finance, IT and printing and stationery.
The SEBI chairman-designate is double masters with post-graduation in economics and computer science. Prior to joining the finance ministry in October 2014, he spent two years in the environment ministry. The top bureaucrat is known for his positive attitude and professional work ethics.
In the finance ministry, Tyagi’s responsibilities include investment, capital markets, bilateral relations and currency. Some of the key decisions that Tyagi has been involved in are the setting up the demonetisation, development of the corporate bond markets, monetary policy committee, and foreign investments.
The appointment is made by the government on recommendation of the Financial Sector Regulatory Appointments Search Committee, headed by the Cabinet secretary. Outgoing Sinha is the second longest-serving Sebi chief in its 28 years of history after DR Mehta’s term of seven years.