Damodaran appointed SEBI chairman

New Delhi: Industrial Development Bank of India (IDBI) chairman and managing director M Damodaran was yesterday appointed the chairman of the Securities and Exchange Board of India (SEBI). Damodaran will take over from GN Bajpai, who retires today. Damodaran will have a three-year term.

.Damodaran met finance minister P Chidambaram yesterday evening but told reporters that he was yet to receive any communication from the finance ministry on his appointment as SEBI chairman. Bajpai had also met Chidambaram earlier in the day.

Damodaran will be the fifth SEBI chairman. Apart from Bajpai, his predecessors are GV Ramakrishna, SS Nadkarni and DR Mehta.

Damodaran, an IAS officer, was earlier officer on special duty with the Reserve Bank of India, dealing primarily with the restructuring of three identified weak public sector banks. He was also joint secretary, banking, for five years.