Ajay Tyagi gets an extension of 18 months as Sebi chief
1 min read . Updated: 05 Aug 2020, 07:50 PM ISTTyagi, an IAS Officer of Himachal Pradesh cadre, will now head the regulator till at least 28 February 2022
The finance ministry on Wednesday extended by 18 months the tenure of Ajay Tyagi as chairman of capital and commodities markets regulator Securities and Exchange Board of India (Sebi). In effect, his appointment which was for three years starting March 2017 has been extended by two years.
"The decision was mostly to ensure that there are no disruptions at regulators at a time when Indian economy and corporates are going through covid-19 related uncertainties," a finance ministry official said.
Tyagi, an Indian Administrative Service (IAS) Officer of Himachal Pradesh cadre, will now head the regulator till at least 28 February 2022.
This is his second extension, the first comprising 6 months having been granted in February.
During his tenure, the regulator had a consultative process for drafting regulations but ensured it was free from regulatory capture'. With him at the helm, the regulator had set up a whopping 30 committees and working groups which drafted close to 60 discussion papers.
Under Tyagi, Sebi has covered a lot of ground in terms of tweaking key regulations be it corporate governance norms, insider trading norms or easing norms for foreign investors.
“Ajay Tyagi has performed extremely well as chairman of Sebi. He has been humble, open to ideas, a tough enforcer of rules without fear or favour and above all has been a good leader. We need a Sebi which gets into a simplified and easy to understand set of regulations, which enables ease of doing business. The regulator is already by far the most market oriented and retail investor focused of all regulators, but that should not prevent it from going out and helping businesses and industry," said Sandeep Parekh, managing partner, Finsec Law Advisors.
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