Ramakrishna told The Financial Express that he will submit his resignation along with that of another member of the commission Suresh Tendulkar.

"I have decided to resign to enable the new government to decide on the composition and role of the Commission," Ramakrishna said, adding that he would send his papers once the industry minister is announced.

Ramakrishna, a former bureaucrat and founder chairman of the Securities & Exchange Board of India (Sebi), said that he had already informed the commission of his decision and it was for rest of the members to take a decision. Other members, if they wish, would also resign, he said.

Tendulkar, who had also sent in his papers, could not be contacted for his comments.

The commission has been seeking active role in the disinvestment process, including the power to monitor divestment of government equity in public sector undertakings.

The commission was given a three-month extension till November 30 by the outgoing industry minister Sikander Bakht as an interim measure to enable the new government to take a decision on the issue that has been plaguing the panel ever since united Front government diluted its powers just before 1998 general elections.