UK Sinha will continue to lead India's capital and commodities markets regulator for one more year. The government on Monday extended Sinha's term as the chairman of Securities & Exchange Board of India (Sebi) till March 1, 2017. The Bihar-cadre IAS officer becomes the second-longest serving Sebi chief in it's over-two-decade history after DR Mehta.
Sinha took over as Sebi chief in 2011 with a three-year term. He was given a two-year extension, which was to end on February 17.
The extension was okayed by the Appointments Committee of the Cabinet, headed by the prime minister. The government has been searching for Sinha's replacement for a while. The search panel had shortlisted a few candidates from over 50 applicants. The shortlisted candidates included former Forward Markets Commission chairman Ramesh Abhishek, State Bank of India Chairman Arundhati Bhattacharya, additional secretary in Rashtrapati Bhavan Thomas Mathew and Sebi whole-time member Rajeev Kumar Agarwal. Bhattacharya was the only invited candidate.
Last week, Abhishek was made secretary in the department of industrial policy & promotion (DIPP) signalling that he was no longer in the picture. A few days ago, Bhattacharya, who was considered the top contender for the post, ruled herself out of the race. Thomas Mathew, meanwhile, is said to join National Investment & Infrastructure Fund as its chief.
Sinha has implemented several reforms in the securities market which include introduction of listing norms for startups, tightening of insider trading norms and improvement of corporate governance.
Sinha took over as Sebi chief in 2011 with a three-year term. He was given a two-year extension, which was to end on February 17.
The extension was okayed by the Appointments Committee of the Cabinet, headed by the prime minister. The government has been searching for Sinha's replacement for a while. The search panel had shortlisted a few candidates from over 50 applicants. The shortlisted candidates included former Forward Markets Commission chairman Ramesh Abhishek, State Bank of India Chairman Arundhati Bhattacharya, additional secretary in Rashtrapati Bhavan Thomas Mathew and Sebi whole-time member Rajeev Kumar Agarwal. Bhattacharya was the only invited candidate.
Last week, Abhishek was made secretary in the department of industrial policy & promotion (DIPP) signalling that he was no longer in the picture. A few days ago, Bhattacharya, who was considered the top contender for the post, ruled herself out of the race. Thomas Mathew, meanwhile, is said to join National Investment & Infrastructure Fund as its chief.
Sinha has implemented several reforms in the securities market which include introduction of listing norms for startups, tightening of insider trading norms and improvement of corporate governance.
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