Shaktikant Das to represent Govt on Sebi: Reverting to old system

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Shakti Rbi Dopt

The government has reverted back to the system of appointing economic affairs secretary as its nominee on the Securities and Exchange Board of India (Sebi). Accordingly, Shaktikanta Das (IAS:1980:KN) would represent the Union Finance Ministry on the board of the capital market regulator whose scope of operation has widened following the merger of the Forward Markets Commission (FMC) dealing with commodities market.
May it be recalled that the previous United Progressive Alliance government had started the practice of appointing Economic Affairs Secretary on the Securities Board in 2012 during the second stint of P Chidambaram as Finance Minister in the UPA 2 government. The economic affairs secretary was nominated to the board in place of joint secretary capital markets. The current government had reverted to earlier practice. The ministry had also in a surprise move in June this year nominated additional secretary, department of economic affairs to the .to the RBI board in place of secretary. At present, the market regulator’s board is chaired by U K Sinha (IAS:1976:BH). It has Rajeev Kumar Agarwal, Prashant Saran and S Raman as whole-time members, R Gandhi, deputy governor RBI and Arun P Sathe as part time members.

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