The ACC has today approved the appointment of of Ajay Tyagi as Security and Exchange Board of India (SEBI) chief.
Senior official of Finance Ministry official Ajay Tyagi was appointed as chairman of Securities and Exchange Board of India (Sebi) today. He will succeed U K Sinha, whose tenure is going to end on March 1.
Tyagi is a 1984 batch IAS Officer the from Himachal Pradesh cadre and is currently Additional Secretary (Investment) in the Department of Economic Affairs. His new role was approved by the Appointments Committee of the Cabinet, which is headed by PrimeMinister Narendra Modi. The 58-year-old hails from Uttar Pradesh.
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According to the norm, a person can hold the chairman’s position in SEBI till 65 years of age or for a term decided by the government. Sinha, who is a a 1976 batch IAS officer from the Bihar cadre, took charge as SEBI chairman on February 18, 2011, when the earlier UPA government was in power in the Centre.
Along with Tyagi, there were several other bureaucrats, who were were in contention for the top post of capital market regulator. Procedure for selecting Sinha replacement began in September 2015, for which several applications were received for the position.
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The Finance Ministry, while inviting applications for the post had said in keeping in view the role and importance of SEBI, it is desirable that persons with high integrity, eminence and reputation preferably with more than 25 years of professional experience and in the age group of 50-60 years may apply for the post.
The government had however in February last year had decided to give a one-year extension to Sinha.
(With inputs from PTI)