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The Centre has appointed Ajay Tyagi, a 1984 batch IAS officer of the Himachal Pradesh cadre, as the next Chairman of the Securities and Exchange Board of India.
“The appointment is for a period not exceeding five years or till the age of 65 years or until further orders, whichever is the earliest,” said an order by the Appointments Committee of Cabinet, headed by Prime Minister Narendra Modi.
Tyagi is currently Additional Secretary in the Economic Affairs Department of the Finance Ministry and is in-charge of the capital markets division.
Tyagi, 58, will take over from incumbent UK Sinha, whose tenure ends on March 1. Sinha, who had been appointed for a three-year term in 2011, had previously been given a two-year extension, followed by an unprecedented one-year extension.
Significantly, a SEBI Board meeting is scheduled on Saturday to take forward reform measures in the capital and commodity markets.
According to the initial advertisement for the post, Tyagi will be eligible for re-appointment to and will have a salary of ₹4.5 lakh per month. Over 50 applications had been received by the government, and other contenders in the race for the regulator’s top job included Power Secretary PK Pujari.
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