Government appoints IAS officer Ajay Tyagi as Sebi chief for 5 years
MUMBAI: The government on Friday appointed Ajay Tyagi, a low-profile, senior bureaucrat in the finance ministry to head the Securities and Exchange Board of India, the country’s capital markets watchdog. Mr Tyagi will replace UK Sinha who will finish his term on March 1, 2017.
Finance ministry officials describe Mr Tyagi as a no-nonsense bureaucrat with knowledge and experience of financial markets. He has been in charge of the capital markets division in the economic affairs department since October 2014 and headed the committee that crafted the draft code on resolution of financial firms. He has considerable experience in senior governmental positions having served as joint secretary in the ministry of environment.
"The Appointments Committee of the Cabinet (ACC) has approved the appointment of Shri Ajay Tyagi, IAS, additional secretary, department of economic affairs 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," the government said in a notification on Friday.
Tyagi, 58, who hails from Uttar Pradesh was also instrumental in the merger of commodities market regulator Forwards Market Commission (FMC) with Sebi.
A senior government official said Tyagi is methodical and a quiet worker and has a good grasp of a regulator’s functions. He represented India at the Financial Action Task Force (FATF), an intergovernmental body set up to combat money laundering, terror financing and other related threats. He also represents India at the Financial Stability Board, an international body to monitor global financial systems.
Tyagi was also government's nominee on the RBI board for some time in 2015.
He led the initiatives on corporate bonds markets. He held the charge of investment in the ministry and has been instrumental in pushing FDI liberalisation.
Several senior IAS officers applied for the high-profile regulatory job when it was clear that Mr Sinha would be leaving at the end of his term. The search-cum-selection panel headed by the cabinet secretary is learnt to have recommended the names of Mr Tyagi and some other candidates, said a person close to the development.
Power secretary Pradeep Kumar Pujari was also seen as front-runner.
Sebi chairman receives a consolidated pay package of Rs 4.5 lakh per month.
Finance ministry officials describe Mr Tyagi as a no-nonsense bureaucrat with knowledge and experience of financial markets. He has been in charge of the capital markets division in the economic affairs department since October 2014 and headed the committee that crafted the draft code on resolution of financial firms. He has considerable experience in senior governmental positions having served as joint secretary in the ministry of environment.
"The Appointments Committee of the Cabinet (ACC) has approved the appointment of Shri Ajay Tyagi, IAS, additional secretary, department of economic affairs 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," the government said in a notification on Friday.
Tyagi, 58, who hails from Uttar Pradesh was also instrumental in the merger of commodities market regulator Forwards Market Commission (FMC) with Sebi.
A senior government official said Tyagi is methodical and a quiet worker and has a good grasp of a regulator’s functions. He represented India at the Financial Action Task Force (FATF), an intergovernmental body set up to combat money laundering, terror financing and other related threats. He also represents India at the Financial Stability Board, an international body to monitor global financial systems.
Tyagi was also government's nominee on the RBI board for some time in 2015.
He led the initiatives on corporate bonds markets. He held the charge of investment in the ministry and has been instrumental in pushing FDI liberalisation.
Several senior IAS officers applied for the high-profile regulatory job when it was clear that Mr Sinha would be leaving at the end of his term. The search-cum-selection panel headed by the cabinet secretary is learnt to have recommended the names of Mr Tyagi and some other candidates, said a person close to the development.
Power secretary Pradeep Kumar Pujari was also seen as front-runner.
Sebi chairman receives a consolidated pay package of Rs 4.5 lakh per month.
