Sebi rejigs several key portfolios

After coming down heavily on IPO scamsters, the Securities and Exchange Board of India (Sebi) has undertaken yet another important task of undertaking a reshuffle relating to important departments like inspection, FIIs and mutual funds (MFs).

Sebi has effected major changes in the responsibilities of its three senior most chief general managers (CGMs) associated with the FIIs, MFs and IPO divisions and the brokers’ inspections division. Usha Narayan, who was till now in charge of broker inspection, has been given the charge of the FIIs, MFs and IPO division. Her present responsibility goes to Nagendra Parakh as an additional charge as he currently heads the derivatives division. Dulal Chanda, who is in charge of FIIs, MFs and IPO division has been shifted to investor services.

According to sources familiar with the development, at the senior level also some portfolios have changed hands. The MF division, which was one of the key portfolios of executive director Sudev C. Das, has now been allocated to R. K. Nair with immediate effect.

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Source close to the development said, this was bound to happen as Das is retiring in June. The sources said, it was Das who had earlier indicated on more than one occasion to relieve him of some of the portfolios so that by the time he actually retires, another ED can be familiarised with the responsibility.

Other changes that have taken place at Sebi include the appointment of Ruchi Kochar and S. Jeevan as new DGMs for the MF and investigation

divisions. This comes into force with immediate effect.