March 2, 2017 1:52:22 am
Senior IAS officer Ajay Tyagi on Wednesday took charge as the chairman of the Securities and Exchange Board of India. Tyagi, a 1984-batch IAS officer of Himachal Pradesh Cadre, has held several responsible positions in the Central and state governments before taking charge as the ninth chairman of the Sebi. He has taken over from U K Sinha, who completed his six-year tenure on February 28.
Sinha was the second-longest serving Sebi chief after D R Mehta’s seven-year term from 1995 to 2002. Sinha’s three predecessors — C B Bhave, M Damodaran and G N Bajpai — had tenures of three years each. Sebi, besides regulating stock exchanges, also supervises various kinds of market entities including brokers, mutual funds, FIIs, rating agencies and investment bankers, as also thousands of listed companies.
According to an analyst, developing the country’s commodity and corporate bond markets and shoring up corporate governance should be Tyagi’s priorities. Tyagi has already been closely involved with the capital market as additional secretary in the Department of Economic Affairs, the Ministry of Finance, since 2014. “He is familiar with the systems in the government,” said a market observer.
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