The government has appointed Arun P Sathe, elder brother of Lok Sabha speaker Sumitra Mahajan, on the board of Securities and Exchange Board of India.
“Sathe was appointed as part-time member on the Sebi board last week for three years in place of PC Chhotaray who ceased to be a member,” an official source said.
The capital market regulator has nine members on its board apart from the chairperson and three whole-time members.
A lawyer by profession, Sathe, who was the national executive member of the BJP and an RSS full-timer in the past, had earlier fought the Lok Sabha elections as a BJP candidate in 1989 from Mumbai North-West against Congress’ Sunil Dutt. 75-year old Sathe is among the prominent tax lawyers in the country. He held various positions in ABVP during his student days.
The appointment has been made under a provision of the Sebi Act that empowers the government to appoint five members on the board of this key regulatory body, which regulates stock exchanges, various kinds of market entities including brokers, mutual funds, FIIs, rating agencies and investment bankers, as also thousands of listed companies.
The board has representatives from the ministries of finance and corporate affairs and the Reserve Bank and currently include corporate affairs secretary Anjuly Chib Duggal, finance ministry joint secretary Manoj Joshi and R Gandhi, deputy governor, RBI.
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