CB Bhave to be new SEBI chief

CB Bhave, Chairman of National Securities Depository Ltd, will be the new chief of market regulator SEBI and will replace incumbent M Damodaran.

Bhave, who had earlier served both in the Finance Ministry as well as SEBI, is expected to take charge after Damodaran term ends on February 17, sources said.

There was, however, no official confirmation on the appointment that is believed to have been decided last night after Finance Ministry reportedly took up the issue with the Prime Minister's Office.

A notification on the appointment of the new SEBI Chairman is expected to be announced shortly. The name of Bhave, along with that of UTI Asset Management Company (AMC) CMD UK Sinha, Canara Bank CMD MBN Rao and Ministry of External Affairs Additional Secretary J Bhagwati, was doing the rounds as a possible successor to Damodaran.