The Govt. appointed senior Finance Ministry official Ajay Tyagi as the new chairman of SEBI (Securities and Exchange Board of India). He is going to replace U K Sinha whose tenure ends on 1st March. Mr. Tyagi will work for 5 years or till the age of 65 years or until further orders. He is succeeding UK Sinha whose term is going to end on March 1, 2017. Tyagi’s name was recommended by the search-cum-selection panel which was headed by the cabinet secretary along with some other candidates. In September 2015, the process for selecting the next chief was started.
Who is Ajay Tyagi?
- Ajay Tyagi is an IAS officer of 1984 batch.
- He belongs to Himachal Pradesh cadre.
- Before the appointment as SEBI chairman, he was Additional secretary (investment) in the Dept. of Economic Affairs, Ministry of Finance. He was handling the capital market division.
- Tyagi was also on the board of Reserve Bank of India (RBI).
Do you know?
- SEBI chairman receives consolidated pay package of Rs 4.5 lakh per month.
- SEBI is currently in the process of organizing the commodity derivatives market.