Govt cuts short Sebi chairman designate Tyagi's term

Within a week of appointing Ajay Tyagi as Securities and Exchange Board Chairman for five years, the government on Friday cut short his term by two years without giving any reasons.

Tyagi, who succeeds, U K Sinha as Sebi chairman will hold the post for an initial period of three years, an official source said. The Appointments Committee of the Cabinet, headed by Prime Minister Narendra Modi, had on February 10 approved Tyagi’s appointment for a period not exceeding five years or till the age of 65 years, as per an order issued earlier by the Personnel Ministry.

Tyagi, who hails from Uttar Pradesh, was instrumental in merging Forward Market Commission with the Sebi.

58-year-old Tyagi is currently the additional secretary in the finance ministry. He will join as Sebi chairman when Sinha demits office on March 1, 2017. Tyagi has also served on the RBI Board.