U K Sinha has been re-appointed as SEBI Chairman for another one year. His extended tenure was scheduled to be over on February 17, 2016. After re-appointment he will continue to head SEBI till March 01, 2017.
During his tenure, Sebi has implemented a number of reforms in the capital markets including regarding IPOs, mutual funds and corporate governance. Some of the key initiatives announced recently include a new regime for listing of startups, while Sebi has also launched a major crackdown on market manipulators including those misusing the stock exchange platform for tax evasion and money laundering.
Commodities markets regulator FMC was also recently merged into Sebi, while there have also been apprehensions that a change of guard at this time can be avoided given the sharp volatility in the capital markets globally.
Sinha, a 1976 batch IAS officer of Bihar cadre, assumed office as the Securities and Exchange Board of India (Sebi) chairman on February 18, 2011 when the previous UPA government was in the power.While Sinha was initially appointed with a three-year term, he was later given a two-year extension as Chairman of the regulatory body.
The government in August last year had initiated the process for selecting Sinha’s successor at Sebi and a search panel, headed by Cabinet Secretary, was also constituted.However, there could not be any consensus on the names suggested by the panel.
As per reports, the short-listed names included SBI Chairperson Arundhati Bhattacharya, former FMC Chairman Ramesh Abhishek and Thomas Mathew who has earlier served as Joint Secretary (Capital Markets) in Finance Ministry.
Our previous reports:
February 12, 2016: SEBI chief post; Reappointment or Selection?
February 11, 2016: Appointment of new SEBI Chief before 17th Feb; A glance
Jan 28, 2016: Speculations heighten about next SEBI boss
Jan 06, 2016: Three strong contenders in race for SEBI top post
Oct 10, 2015: Who will be next SEBI Chairman, many top bureaucrats in chase?