MUMBAI: Senior bureaucrat Ajay Tyagi has been appointed the new chairman of the Securities and Exchange Board of India (SEBI) for a period of five years. Mr Tyagi is a 1984-batch IAS officer of Himachal Pradesh cadre.“The Appointments Committee of the Cabinet (ACC) has approved the appointment of Shri Ajay Tyagi… to the post of Chairman, Securities & Exchange Board of India for a period not exceeding 05 years or till the age of 65 years or until further orders, whichever is the earliest,” said a government statement issued on Friday.He will replace U K Sinha who became the SEBI chairman in February 2011 and has twice been given an extension after his initial tenure of three years ended in 2014.Mr Tyagi is currently an additional secretary in the Department of Economic Affairs, handling the capital market division that deals with the primary & secondary markets along with regulatory establishments like the Securities Appellate Tribunal (SAT).
Mr Tyagi was the chairman of the finance ministry-appointed committee, which was monitoring the merger of the erstwhile Forward Markets Commission (FMC) with SEBI. The merger was formalised in September 2015. Since then, SEBI has introduced many regulatory policies for the commodity market to bring it on par with the securities segmentIncidentally, his experience in overseeing the merger would be useful as the capital market watchdog looks at bringing more policies and products in the commodities market. In the Union Budget 2016-17, finance minister Arun Jaitley said that as part of the financial sector reforms, SEBI would develop new derivative products for the commodity markets.