The Prime Minister's Office (PMO) on Friday cleared the appointment of UK Sinha as the next chairman of India's market regulator, Sebi, said sources. Sinha is currently the Chairman and Managing Director of Unit Trust of India (UTI) Asset Management Company . He also heads Amfi, the lobbying arm of the Indian mutual fund industry.
Sinha succeeds CB Bhave, whose three-year term ends on February 17, 2011. A former joint secretary, capital markets, in the finance ministry, Sinha was chosen by a committee in 2007 to head Sebi, but the government ultimately went for Bhave.
Sinha was in the Indian Administrative Services for three decades, but later quit to join UTI AMC. He has vast experience in dealing with financial sector issues, having handled the reverse merger of ICICI with ICICI Bank as joint secretary in the banking division of the finance ministry; restructuring of the erstwhile UTI; as also the drafting of the amendments to the Sebi Act and securities laws.
He is perceived as one who takes the middle path preferring to take people along.
Last year, the finance minister appointed Sinha to head a committee to recommend measures on all forms of foreign investment, including portfolio flows, venture capital and participatory notes.
The new Sebi chairman is expected to get a five-year term unlike his predecessor, thanks to changes in rules governing the appointment of the Sebi chief last year.
Last month, a committee headed by the cabinet secretary interviewed several candidates and finally shortlisted Sinha and Himadari Bhattacharya, Vice-President of Tata Capital and a former RBI official.
Source: http://economictimes.indiatimes.com/articleshow/7382222.cms?prtpage=1
Sinha succeeds CB Bhave, whose three-year term ends on February 17, 2011. A former joint secretary, capital markets, in the finance ministry, Sinha was chosen by a committee in 2007 to head Sebi, but the government ultimately went for Bhave.
Sinha was in the Indian Administrative Services for three decades, but later quit to join UTI AMC. He has vast experience in dealing with financial sector issues, having handled the reverse merger of ICICI with ICICI Bank as joint secretary in the banking division of the finance ministry; restructuring of the erstwhile UTI; as also the drafting of the amendments to the Sebi Act and securities laws.
He is perceived as one who takes the middle path preferring to take people along.
Last year, the finance minister appointed Sinha to head a committee to recommend measures on all forms of foreign investment, including portfolio flows, venture capital and participatory notes.
The new Sebi chairman is expected to get a five-year term unlike his predecessor, thanks to changes in rules governing the appointment of the Sebi chief last year.
Last month, a committee headed by the cabinet secretary interviewed several candidates and finally shortlisted Sinha and Himadari Bhattacharya, Vice-President of Tata Capital and a former RBI official.
Source: http://economictimes.indiatimes.com/articleshow/7382222.cms?prtpage=1
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