A recommendation to appoint Sinha as the new SEBI Chairman will be sent to the Appointments Committee of the Cabinet for approval.
Mumbai: U K Sinha, Chairman of UTI Mutual Fund, has been chosen by the government-appointed search committee to succeed C B Bhave as SEBI Chairman, according to media reports.
Sinha has been shortlisted after final interviews on Monday and a recommendation will be sent to the Appointments Committee of the Cabinet for approval, Business Line reported quoting unnamed highly placed sources in the government.
Sinha is currently also the Chairman of AMFI.
DNA Money reported that Sinha is said to have been named the next SEBI Chairman, but Rediff.com reported that Sinha has been named the new Chairman of SEBI and that he would take charge on February 17, the day Bhave’s three-year term gets over.
The search committee was headed by Cabinet Secretary K M Chandrasekhar. The other members included Ashok Chawla, Finance Secretary, R Gopalan, Secretary, Department of Financial Services; and Ms Alka Sirohi, Secretary in the Department of Personnel and Training.
Before moving to UTI, Sinha was Joint Secretary in the Department of Economic Affairs from June 2002 to October 2005.
