In a strange turn of events, incumbent Sebi chief CB Bhave is being considered as a probable candidate by a high-level search panel that was set up to find his successor.
Bhave took charge as Sebi chairman on February 18, 2008 for a three-year term. However, the terms of chairman and whole-time directors at Sebi have been increased to five years since then.
Despite this, the government had in September set up a high-level committee headed by cabinet secretary KM Chandrasekhar to find a successor to Bhave whose term ends in February 2011.
The panel has conducted initial rounds of interviews.
Bhave’s name is being considered by the panel after some top policy makers asked why Bhave could not be given a five-year term. Besides, pull-out by some candidates nominated by the search panel from the process also led to the committee considering giving Bhave a two-year extension till February 2013.