Govt cuts tenure of new SEBI chief

New Delhi, February 17 

The government today curtailed tenure of Ajay Tyagi as next chief of capital market regulator Securities and Exchange Board of India (SEBI) by two years, barely a week after his name was cleared to succeed incumbent UK Sinha with a five-year term.

Tyagi will now join as the SEBI chairman for an initial period of three years, official sources said today, without citing reasons behind the curtailment of his term.

58-year-old Tyagi, a 1984 batch IAS officer of Himachal Pradesh cadre presently posted as Additional Secretary (Investment) in the Department of Economic Affairs, will take over as SEBI chairman after the extended tenure of Sinha ends on March 1.

The Appointments Committee of the Cabinet, headed by Prime Minister Narendra Modi, had on February 10 approved Ajay Tyagi’s appointment for a period not exceeding five years or till the age of 65 years, as per an order issued earlier by the Personnel Ministry. — PTI