U K Sinha gets two-year extension as Sebi chief

Tags: SEBI, U K Sinha, News
Sebi chairman U K Sinha has got a two-year extension till 2016 to continue at the top job as Finance Ministry has issued a notification to this effect.

"The notification for Sebi chairman's extension has been sent to Sebi late last night," a senior Finance Ministry official said.

The extension will be with effect from February 18 this year till 2016.

Under the stewardship of Sinha, who has been at the helm at Sebi for almost three years, key reform measures were initiated in the capital market.

These include stringent disclosure norms, strict regulations for merchant bankers and the introduction of a new category of foreign investors.

Sinha's three predecessors -— CB Bhave, M Damodaran and G N Bajpai -- had three-year term. Only D R Mehta had served as Sebi chairman for the longest duration from 1995 to 2002.

Sinha, a 1976-batch IAS officer, had served as Joint Secretary in Finance Ministry and joined Sebi after serving as the chairman and MD of UTI AMC.

In recent times, Sebi has also been active in cracking down on illegal money-pooling schemes.

In November, the Supreme Court had upheld Sinha's appointment as Sebi Chairman, saying the government had acted fairly and in accordance with the procedure of the law.

The apex court had dismissed a PIL against Sinha's appointment, observing that the petition was not maintainable on various grounds.

However, it decided to hear it as the appointment to a very senior position had been challenged.

Meanwhile, there is no clarity on Sebi getting more powers to crack down on illegal investment schemes since the lapse of an ordinance promulgated twice in this regard.

The ordinance was promulgated by President Pranab Mukherjee on July 18, 2013, after the Cabinet approved amending the Sebi Act, 1992, to give the regulator more powers. It was re-promulgated on September 16.

EDITORIAL OF THE DAY

  • It’s time to shift sugarcane production to water abundant states of eastern India

    During the 10 years of UPA rule, the country was able to come out of the so-called sugar cycle — two years of surplus followed by two years of defic

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Simon J Evenett

VW scandal has lessons for Make in India

In recent years, when it comes to widespread corporate wrongdoing, ...

Zehra Naqvi

Do you seek peace or conflict?

The pursuit of peace se­ems to be one of the ...

Dharmendra Khandal

So, how do we define a 'vermin'?

These days there’s an ongoing debate whether to declare various ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture