Newspaper reports said the committee appointed to search for a new SEBI Chairman might ask Bhave to carry on for another two years.
Mumbai: The search panel appointed to find a new SEBI Chairman might decide to give the incumbent C B Bhave a two-year extension, according to newspaper reports.
The search committee headed by Cabinet Secretary K M Chandrasekhar to find a successor to Bhave had cancelled scheduled interviews of short-listed candidates on December 3. The shortlisted candidates included U K Sinha, Chairman of UTI Mutual Fund, and R Bandyopadhyay, Secretary in the Ministry of Company Affairs.
A report in the Indian Express on December 5 had suggested that the interviews were postponed after the Prime Minister’s Office (PMO) asked the cabinet secretariat why Bhave could not be given an extension.
According to a report in the Business Standard on Tuesday, quoting unnamed people familiar with the development, the need for continuity in the ongoing investigations against some large companies and market intermediaries has made the government consider granting an extension to Bhave.
Bhave had taken charge as SEBI Chairman on February 18, 2010 for a three year term.
