The government clarified on Friday that the tenure of the next chairman of the Securities and Exchange Board of India (Sebi), Ajay Tyagi, will "initially" be for three years. He is scheduled to take over his new assignment after the extended term of current chairman UK Sinha ends on March 1.
Since the earlier order issued on February 10 had said Tyagi's term will be for a period not exceeding five years or till the age of 65, the latest order shows a change of mind at the top political leadership.
The rules allow for a term of five years or up to the age of 65 for the Sebi chairman. Some Sebi members appointed recently have been given five-year terms.
Tyagi, 58, is from the 1984 batch of the Indian Administrative Service (IAS) and belongs to the Himachal Pradesh cadre. He's currently posted as additional secretary, investment, in the department of economic affairs.
Tyagi's tenure as Sebi chief reduced to three years
By IndianMandarins - 2017-02-18 10:50:07
The government clarified on Friday that the tenure of the next chairman of the Securities and Exchange Board of India (Sebi), Ajay Tyagi, will "initially" be for three years. He is scheduled to take over his new assignment after the extended term of current chairman UK Sinha ends on March 1.
Since the earlier order issued on February 10 had said Tyagi's term will be for a period not exceeding five years or till the age of 65, the latest order shows a change of mind at the top political leadership.
The rules allow for a term of five years or up to the age of 65 for the Sebi chairman. Some Sebi members appointed recently have been given five-year terms.
Tyagi, 58, is from the 1984 batch of the Indian Administrative Service (IAS) and belongs to the Himachal Pradesh cadre. He's currently posted as additional secretary, investment, in the department of economic affairs.
