The finance ministry has invited applications for the post of chairman of the Securities and Exchange Board of India (SEBI) to succeed Ajay Kumar Tyagi, whose five-year term comes to an end in February. In a public notice dated October 28, the ministry invited applications from eligible candidates for the post of SEBI chairman for a maximum period of five years or till 65 years, whichever is earlier.
Applications of eligible candidates in prescribed proforma along with certified copies of required documents may be forwarded, through a proper channel (wherever applicable) on or before December 6, 2021, a public notice issued by the Finance Ministry’s Economic Affairs Department said.
As per the procedure for the appointment of regulators, the candidates will be shortlisted by the Financial Sector Regulatory Appointments Search Committee (FSRASC) headed by Cabinet Secretary. The shortlisted candidates are interviewed by the panel comprising Economic Affairs Secretary and three external members having domain knowledge.
Based on the interview, FSRASC recommends a name to the Appointments Committee of Cabinet headed by Prime Minister Narendra Modi for approval. “Incomplete applications and applications received after the last date shall not be considered,” the notice said.
For the unversed, Tyagi, a 1984 batch IAS officer of Himachal Pradesh cadre, was appointed as SEBI chairman on March 1, 2017, for a period of three years. Subsequently, he was given a six-month extension, and later in August 2020, his tenure was extended by 18 months.
In the past also, the government has given an extension to U K Sinha for three years, making him the second longest-serving chief of SEBI after D R Mehta. In the case of Tyagi, the government issued appointment notification twice.
According to the first notification issued on February 10, 2017, Tyagi, the then Additional Secretary (Investment) in Department of Economic Affairs, was appointed chairman of SEBI for a period not exceeding five years or till the age of 65 years or until further order, whichever is earlier. Subsequently, another notification curtailed his appointment to an initial period of three years.
Tyagi was appointed chairman of the market regulator on 10th February 2017, replacing UK Sinha. He took charge of the chairman office on 1 March 2017. Tyagi hails from Uttar Pradesh and is a Post Graduate in Economics. He also has Masters in Public Administration from Harvard and Masters in Technology (Computer Science).
