Sebi chief Tyagi gets 6-month extension
Securities and Exchange Board of India (Sebi) chairman Ajay Tyagi was given a six-month extension on Friday, officials aware of the matter said.
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.
In the last three years, Sebi wrapped up long-pending high profile cases, such as a fraud case by Reliance Industries Ltd, banning Price Waterhouse for its role in the Satyam Computers scam, and unfair access case at the NSE.
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.