INSUBCONTINENT EXCLUSIVE:
NEW DELHI: The government is believed to have given a six-month extension to incumbent Sebi Chairman Ajay Tyagi, amidst a continuing process
of selecting a new chief for the capital market regulatory body
A 1984 batch IAS officer of Himachal Pradesh cadre, Tyagi assumed charge as Sebi chief on March 1, 2017
According to sources, the government has decided to give a six-month extension to Tyagi as Sebi Chairman, a post for which the top
applicants include Economic Affairs Secretary Atanu Chakraborty, Corporate Affairs Secretary Injeti Srinivas, Additional Secretary in the
Finance Ministry Pravin Garg and Sebi Whole Time Member Madhabi Puri Buch
An official notification in this regard is expected soon
Last week, sources said that two dozen people, including two Whole Time Members of Securities and Exchange Board of India (Sebi), have
applied for the post of Chairman
The last date for applying for the post was February 10
Initially, Tyagi was appointed for a period of three years and was eligible for an extension of two years
However, the government decided to call in for a fresh selection process by issuing advertisement on January 24
In the case of Tyagi, the government issued appointment notification twice
According to the first notification issued on February 10, 2017, Tyagi, the then Additional Secretary (Investment) in the Department of
Economic Affairs, was appointed Sebi Chairman for a period not exceeding five years or till the age of 65 years or until further orders,
Subsequently, another notification curtailed his appointment to a period of three years
As per the procedure for the appointment of regulatory heads, the candidates would be shortlisted by the Financial Sector Regulatory
Appointments Search Committee (FSRASC) headed by the Cabinet Secretary
The shortlisted candidates are interviewed by a panel comprising Economic Affairs Secretary and three external members having domain
Based on the interaction, FSRASC recommends a name to the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi for