Saturday, 11 February 2017

Ajay Tyagi Appointed As New Sebi Chief

Ajay Tyagi Appointed As New Sebi Chief Ajay Tyagi, a senior finance ministry official, on Friday appointed as the new chairperson of Securities and Exchange Board of India (Sebi). Mr Tyagi is currently an additional secretary at the finance ministry's economic affairs department. 58-year-old Mr Tyagi, an Indian Administrative Service (IAS) officer from Himachal Pradesh, was also on the board of
 Reserve Bank of India (RBI) for a short period. He will succeed UK Sinha as the new Sebi chief.

Mr Sinha, a 1976 batch IAS officer of Bihar cadre, took charge as Sebi chief on February 18, 2011, and was initially(शुरू में) appointed for a 3-year term. Later, he was given a two-year extension(विस्तार).

Days before his last term was to end on February 17 last year, the government approved his re-appointment to the position from February 18 till March 1, 2017.    Mr Sinha is the second-longest serving chairperson after DR Mehta, who held the position for seven years from 1995 to 2002.  The Appointments Committee of the Cabinet-headed by Prime Minister Narendra Modi has approved Mr Tyagi's appointment for a period not exceeding five years or till the age of 65 years, an official order said.

As per the eligibility (पात्रता) criteria, a person can hold the position of Sebi chairperson till he/she attains the age of 65 years or for a term decided by the government.  The process for selecting the next chief of the Sebi started in September 2015, pursuant to which several applications were received for the position.

Sebi chief receives consolidated (समेकित) pay package of Rs. 4.5 lakh per month.

Besides chairperson and whole-time members, the Sebi board includes independent members and nominees of Finance Ministry, Corporate Affairs Ministry and RBI.

Sebi is due to rule on cases involving top bourse National Stock Exchange (NSE) after the regulator and an external agency found instances (उदाहरणों) of unfair access to its servers by certain brokers.

The regulator also has plans to set new rules over high-frequency trading, amid fears that retail investors would be disadvantaged against advanced and expensive systems for high frequency trading.

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