The government has appointed Ajay Tyagi, an IAS officer as the new Chairman of SEBI, according to media reports.
Tyagi is Additional Secretary (Investment) in the Department of Economic Affairs. He has handled capital market division at the department, said Economic Times.
He will succeed UK Sinha who was initially appointed in February 2011 for three years but later his tenure was extended by another two years. Sinha's tenure ends on March 1.
The mutual fund industry has had to deal with sweeping regulatory changes during Sinha’s tenure. Among other initiatives, SEBI had initiated investor awareness campaign and introduced RIA regulation for advisers during his tenure.
Moneycontrol.com reported that Power Secretary PK Pujari was also among the frontrunners for the post of SEBI Chief.
“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,” reported ET.
