Ajay Tyagi succeeds U K Sinha as Sebi chief

Senior Finance Ministry official Ajay Tyagi was appointed as Chairman of the Securities and Exchange Board of India (Sebi) on Friday.

The 1984 batch IAS officer of Himachal Pradesh cadre will succeed U K Sinha, whose extended tenure ends on March 1. Tyagi is Additional Secretary (Investment) in the Department of Economic Affairs at present, and handles capital market, among other things. He had earlier worked on the Board of RBI also.

According to an order issued by the Department of Personnel and Training (DoPT), the Appointments Committee of the Cabinet-headed by Prime Minister Narendra Modi approved Tyagi’s appointment for a period not exceeding five years or till the age of 65 years.

 As per the eligibility criteria, a person can hold the position of Sebi Chairman till the age of 65 years or for a term decided by the government.

 Sinha, a 1976 batch IAS officer of Bihar cadre, was first appointed as Sebi Chairman on February 18, 2011, by the then UPA government. He was later given a two-year extension and days before the end of his tenure in February 2016, he was given another extension till March 1, 2017.