Ajay Tyagi (IAS:1984:HP), Additional Secretary (Investment) DEA, was appointed next SEBI Chief for five years term on 10 February 2017. Even as people were surprised over Tyagi's appointment, they were overtaken by more surprise when on 17 Feb the announced tenure for new Sebi chief was shortened from five yrs to three years. This was a puzzle no one understood. But the answer is simple. The advertisement for Sebi chief post clearly mentioned that the tenure would be for a period of three years or up to 65 yrs of age, whichever is earlier. But the appointment was made for a tenure of five years which suo-motto set the stage for troubles ahead. Soon after issuing the order, the Govt realized that the appointment could be challenged in the court of law on the ground that the applications were invited saying the tenure would be for three yrs or 65 yrs of age (whichever is earlier). To stave off any legal complication, the government quickly got into action and corrected itself by curtailing the tenure from five years to three years.