Finance Ministry invites applications for new Sebi chief

Finance Ministry has invited applications for next chairman of Securities and Exchange Board of India (Sebi) to succeed Ajay Tyagi, whose three-year term comes to an end next month.

Tyagi, a 1984 batch IAS officer of Himachal Presh cre, was appointed as he of market regulator in 2017 for a period of three years. He assumed charge on March 1, 2017. It was widely expected that Tyagi would get at least two years' extension given his stellar performance on job. However, public tice dated January 24 inviting application from eligible candidates indicates that government is t inclined to give an extension of two years to incumbent.

Applications of eligible candidates in prescribed proforma along with attested copies of annual confidential report for last five years, vigilance clearance and penalty and integrity certificate in case of serving government employees should reach on or before February 10, a public tice issued by Finance Ministry's Ecomic Affairs Department said.

In past, government has given an extension to U K Sinha for three years, making him second longest-serving chief of Sebi. In case of Tyagi, government issued an appointment tification twice. According to first tification issued on February 10, 2017, Tyagi, n ditional Secretary (Investment) in Department of Ecomic Affairs, was appointed chairman of Sebi for a period t exceeding five years or till of 65 years or until furr order, whichever is earlier.

Subsequently, ar tification curtailed his appointment to initial period of three years. Since on his side, Tyagi can apply for job again. However, this will be considered as a fresh appointment and t an extension. As per procedure for appointment of regulators, candidates will be shortlisted by Financial Sector Regulatory Appointments Search Committee (FSRASC) heed by Cabinet Secretary. shortlisted candidates are interviewed by panel comprising of Ecomic Affairs Secretary and three external members having domain kwledge.

Based on interaction, FSRASC recommends a name to Appointments Committee of Cabinet heed by Prime Minister Narendra Modi for approval.