Sinha is likely to be appointed as the next chairman of Sebi
December, 14th 2010
AMC's chief UK Sinha is likely to be appointed as the next chairman of the Securities and Exchange Board of India (Sebi). A formal announcement from the government is likely soon.
UK Sinha has earlier served as the Joint Secretary in-charge of Capital Markets in the finance ministry and has wide ranging experience in dealing with high profile cases of corporate tax evasion. Sinha has been a part of various committees formed by Sebi and the Finance Ministry for capital market regulations.
He is likely to succeed CB Bhave as the next Chairman of Sebi. Bhave assumed office in 2007 and will complete his 3-year term in February 2011. The new chairman would get a five-year term.
Corporate Affairs Secretary R Badyopadhyay was also seen in contention for the coveted post. SBI Chairman O P Bhatt and Reserve Bank Deputy Governor K C Chakrabarty were among the half a dozen persons selected for the final interviews.
The Sebi Chairman would have the option to receive pay equivalent to a Secretary to the Government of India, or a consolidated salary of Rs. 3 lakh per month.
The Finance Ministry has further said that the person preferably should have more than 25 years of professional experience and fall in the age group of 50 to 60 years.
"The chairman shall hold office for such period not exceeding 5 years and shall not hold office beyond 65 years of age, whichever is earlier. He is eligible for re-appointment," it had said.