As UTI chairman, Upendra Kumar Sinha would have visited the corridors of the Securities and Exchange Board of India’s (SEBI’s) head office in Mumbai, only 500 metres from his UTI office, several times. But this Friday, he came down from his eighth-floor office and entered the Sebi Bhawan to take charge from CB Bhave.
Sinha takes over as SEBI chairman at a time when several listed and unlisted companies are allegedly charged with transferring funds under dubious heads in the 2G scam.
“The secondary market is a hot bed and challenges are not only on keeping a vigil on the wrong doing but also to develop the markets,” said an individual who is close to UK Sinha and has worked with him in recent past.
As CMD of UTI Mutual Fund, Sinha always took the lead in raising the concerns of the mutual fund industry with the regulator and now in his new role, the industry may expect some solutions.
An ex-IAS officer, Sinha has held several positions at the state and the Centre. He was joint secretary (banking) and joint secretary (capital markets), Ministry of Finance.
He was also the chairman of the working group on foreign investment in India formed by the government and a member of several government committees such as committees on liquidity management, FIIs and investor protection.