The government has appointed senior finance ministry official Ajay Tyagi as the chairman of the India markets watchdog, Securities and Exchange Board of India (Sebi) for a five-year term.
Tyagi, who is currently an additional secretary at finance ministry’s economic affairs department, will succeed Upendra Kumar Sinha as the chairman of Sebi. Sinha’s current term ends on 1 March.
Upendra Kumar Sinha's extended tenure ends on March 1.
Tyagi, a 1984 batch IAS officer of Himachal Pradesh cadre, is at present Additional Secretary (Investment) in the Department of Economic Affairs and handles capital market, among others.
Tyagi has been appointed as chairman of the markets regulator, an official order said.
Sinha's three-year term began in February 2011, following which he got two extensions, making him one of the longest-serving SEBI chiefs.
The Appointments Committee of the Cabinet-headed by Prime Minister Narendra Modi has approved Tyagi's appointment for a period not exceeding five years or till the age of 65 years, it said.
58-year-old Tyagi hails from Uttar Pradesh.
As per the eligibility criteria, a person can hold the position of Sebi chairman till the age of 65 years or for a term decided by the government.
Sinha, a 1976 batch IAS officer of Bihar cadre, had assumed office as the Sebi chairman on February 18, 2011, when the previous UPA government was in power.
He was later given a two-year extension. Days before the end of his tenure in February last year, he was given another extension till March 1, 2017.
Tyagi for a short while was also on the board of Reserve Bank of India (RBI).
The process for selecting the next chief of the Sebi started in September 2015, pursuant to which several applications were received for the position.
GoI had decided to give a one-year extension to Sinha to ensure stability due to volatile market conditions.
Sebi chairman receives consolidated pay package of Rs 4.5 lakh per month.
