G Anantharaman will get three months’ extension as whole-time member at capital market regulator Securities and Exchange Board of India (Sebi). The decision of the ministry of finance comes just a week ahead of his retirement on December 14. An official announcement is likely next week.
The tenure of Anantharaman will now be co-terminus with that of another whole-time member VK Chopra, who superannuates on March 22, ministry sources said. The ministry has three months’ time at hand to hunt for two successors, said the sources. The ministry has also begun searching for suitable candidates for the post of Sebi chairman, said sources. The incumbent M Damodaran?s three-year term is ending on February 17 next year. Damodaran took over from GN Bajpai on February 18, 2005 for a three-year tenure. There is, however, another view that Damodaran may get an extension for another three years.
Anantharaman is in charge of seven important departments, and four executive directors (EDs) in charge of these departments report to him. He looks after investigations, enforcement, legal matters, market regulations, vigilance cell, integrated surveillance and the derivatives department.
This is the second time Anantharaman is getting an extension. He was first given an extension of 18 months in June 2006. Sources said that Anantharaman was expected to complete his pending work including the investigation into the benami demat IPO scam. He joined Sebi as whole-time member in December 2005, along with Madhukar, after retiring as director-general of investigations at the Income Tax (I-T) department.
Anatharaman, considered one of the most efficient whole-time members of Sebi, has many credits during his tenure at Sebi. He was the first Sebi whole-time member to investigate and issue an order with respect to disgorgement and front-running.