The Securities and Exchange Board of India (SEBI) is expected to appoint prominent financier UK Sinha as chairman after the Prime Minister's Office cleared his appointment earlier this week, according to media reports on Saturday.
Sinha, who is currently the Chairman and Managing Director of the Unit Trust of India Asset Management Company and heads the Association of Mutual Funds in India (AMFI), will replace CB Bhave, whose three year term ends on February 17, 2011, according to sources.
The new SEBI chairman is expected to get a five year term, unlike his predecessors, after the rules were changed last year.
In 2010, the finance minister had appointed Sinha to head an advisory committee on foreign investment.
SEBI officials could not be immediately reached for a comment by Reuters.