Finance Ministry defends appointment of UK Sinha as SEBI Chief

In an affidavit filed by the Ministry in the Supreme Court, the government submitted Sinha was the unanimous choice of the Search-cum-Selection Committee and no undue favour was shown by it for the post.

"It is also submitted that the Search-cum-Selection Committee, after scrutinising and analyzing the qualifications and experience of the shortlisted candidates, unanimously placed U K Sinha first in the order of merit. It may be stated that the Committee, that had been constituted for the selection of the previous Chairman, SEBI, had also placed him first in the order of merit," the affidavit said.

The ministry also said the petition does not appear to have been filed bona fide but seeks to espouse the cause of certain disgruntled ex-officers of SEBI.

The affidavit was filed in response to a PIL filed by former IAF chief S Krishnaswamy and retired IPS officer Julio Ribeiro who had submitted the new procedure stipulated a five-member selection committee for the selection of the SEBI chief instead of the existing three members was wrong and there was an ulterior motive behind it.

The petitioners also questioned the government's decision for not granting extention to C B Bhave who was working as SEBI chief before Sinha.