Current Chairman UK Sinha’s tenure will come to an end in February 2016.
The Ministry of Finance has come out with an advertisement seeking applications for the post of new SEBI Chairman.
UK Sinha’s tenure ends in February 2016. He was appointed as the eighth SEBI chairman on February 2011 for three years by succeeding CB Bhave. However, his tenure was extended on February 2014 for another two years.
Prior to this, Sinha was Chairman & Managing Director of UTI Mutual Fund. As an IAS official he has also served as the Joint Secretary (Banking) and the Joint Secretary (Capital Markets) in the Ministry of Finance.
During his tenure, Sinha introduced a host of measures to revive the fortunes of the mutual fund industry. Among the key initiatives were mandating fund houses to spend 2bps of their AUM on investor awareness campaigns, initiating SRO for mutual fund distributors and allowing fund houses to charge 30 bps extra for garnering assets from B15 town. Recently, SEBI has asked fund house to raise their net worth to Rs.50 crore and asked them to put seed capital in all open end schemes.
The ministry has invited applications from candidates having a minimum experience of 25 years in the financial market and in the age group of 50 to 60 years. Applicants from private firms are also eligible to apply. The last date to apply is October 7.
