NEW DELHI: The Centre has invited applications for the post of chairman of the stock market regulator Securities and Exchange Board of India (Sebi) to succeed Ajay Kumar Tyagi, whose five-year term is set to end in February. The department of economic affairs, a finance ministry wing, issued the notice on October 28..
Tyagi, a 1984 batch Himachal Pradesh cadre officer of the Indian Administrative Service (IAS), was appointed Sebi chairman in 2017. He replaced U K Sinha, the second longest-serving chairman of the regulator after D R Mehta. Tyagi has already been given two extensions after his first three-year tenure ended.The finance ministry notice said the chairman shall hold office for such period not exceeding five years and shall not hold office beyond 65 years of age, whichever is earlier, and will be eligibte for re-appointment.
It said the appointment shall be made by the central government on the recommendation of the Financial Sector Regulatory Appointments Search Committee (FSRASC) as provided in the Sebi Terms and Conditions of Service of the Chairman and Members Rules, 1992. lt may, however, be noted that the FSRASC is free to identify and recommend any other person, who has not applied for the post, on the basis of merit. “Keeping in view the role and importance of Sebi as a regulator, it is desirable that persons with high integrity, eminence and reputation, preferably above 50 years, with more than 25 years of professional experience may apply atong…”, the notice said while detailing the procedure for applications.