Just one day after final interviews were conducted to pick the head of the country’s stock markets regulator, the finance ministry has decided on UK Sinha as the next chairman of the Securities and Exchange Board of India (SEBI).
The appointment of Sinha, 58, currently chairman and managing director of the Unit Trust of India, awaits cabinet clearance, but officials said this is expected to be a formality. The SEBI chief’s job will go vacant on February 17 when the three-year term of incumbent CB Bhave comes to an end.
A government official, who did not want to be identified, told Hindustan Times that an official announcement is expected later this month.
Sinha could not be reached for his comment.
“This is first time the SEBI chairman’s name is expected to be announced so early and is probably because the incumbent has requested for the same,” said an official who did not wish to be identified.
Sinha, a banker-turned-civil servant plucked out of the Indian Administrative Service for plum finance management jobs, was in a race in which other front-runners were disinvestment secretary Siddhartha Pradhan and corporate affairs secretary R Bandyopadhya.
Prior to joining UTI in 2005, Sinha served in the finance ministry as joint secretary in the department of economic affairs, for three years, supervising capital markets, external commercial borrowings, pension reforms and foreign exchange management. He is also a key author of the SEBI (Amendment) Act of 2002.
Sinha, who was recently named chairman of the Association of Mutual Funds of India (Amfi), had told HT that he was concerned about the growth of the mutual funds industry after the introduction of a no entry-load regime.
He must now face the issues he had raised himself.