The Centre on Thursday issued an order appointing Mr U.K. Sinha, who is now the chief of fund house UTI Asset Management Company, as the next chairman of SEBI.

Mr Sinha will be the seventh SEBI Chairman since the capital market regulator was set up through a separate law in 1992.

Mr Sinha has been appointed as SEBI Chairman initially for a period of three years from the date he assumes charge on or after February 18 or till he attains the age of 65, whichever is earlier.

It may be recalled that an advertisement issued by the Finance Ministry in September 2010 had stated the chairman's tenure had been increased to five years from the current three-year term.

Mr Sinha will succeed the incumbent SEBI Chairman, Mr C.B. Bhave, who is due to demit office on February 17 after a three-year stint at the helm of SEBI.

Mr Sinha, who is also mutual fund industry body AMFI's Chairman, was recommended for the SEBI Chairman post by a Government appointed search panel headed by the Cabinet Secretary, Mr K.M. Chandrasekhar.

Mr Sinha, who will soon be 59, had voluntarily retired from the Indian Administrative Service in 2008 and joined UTI Mutual Funds. Prior to joining UTI, Mr Sinha had served as joint secretary in the capital markets division of the Finance Ministry.

> krsrivats@thehinduco.in

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