Sebi chief Tyagi gets 6-month extension

With his tenure now extended, Tyagi will be able to continue with his development agenda, as well as his mission to go after market manipulators.

Securities and Exchange Board of India (Sebi) chairman Ajay Tyagi was given a six-month extension on Friday, officials aware of the matter said.

SEBI chief Ajay Tyagi during a press conference. (Mint Archives)

Indian Administrative Service (IAS) officer of Himachal Pradesh cadre, Tyagi’s three-year tenure was to end on Saturday.

With his tenure now extended, Tyagi will be able to continue with his development agenda, as well as his mission to go after market manipulators.

In a Sebi board meeting on 17 February, Tyagi said the regulator had a consultative procedure for drafting regulations, while emphasizing the need for it to be “free from regulatory capture”.

With him at the helm, Sebi had a whopping 20 committees and working groups, which drafted close to 50 discussion papers.

Under Tyagi, Sebi covered a lot of ground in terms of tweaking key regulations, be it corporate governance norms, insider trading norms or easing norms for foreign investors.

However, there are some pending matters, including drafting norms for social stock exchanges, deciding if the definition of promoter needs to undergo a change, and allowing Indian companies to list overseas.

While it worked overtime in resolving the backlog of cases, it also picked up many new cases which Sebi needs to resolve with urgency. These include allegations of violations of related party transactions at Sun Pharmaceuticals, Infosys Ltd and Interglobe Aviation or IndiGo.