Ajay Tyagi to succeed U K Sinha as Sebi chief

The government on Friday appointed senior finance ministry official Ajay Tyagi as the chairman of market regulator Securities and Exchange Board of India (Sebi) for a five-year term.

Tyagi, who is currently an additional secretary at the finance ministry's economic affairs department, will succeed Upendra Kumar Sinha as the chairman of Sebi when his current term ends on 1 March.

An official of the Indian Administrative Service cadre, Tyagi, 58, has been in charge of capital markets at the department of economic affairs since 2014.

Commenting on the new assignment Tyagi today said he was ''looking forward'' to handle the ''big responsibility'' of managing the market regulator.

''It is a big responsibility and I am looking forward to handling it,'' Tyagi said a day after the government announced the appointed.

With just over six years in office, Sinha was the second-longest serving chairman of the market watchdog after DR Mehta, who held the position for seven years from 1995 to 2002.

Tyagi, a 1984-batch IAS officer from Himachal Pradesh cadre, takes over as Sebi chairman at a time when corporate governance in India is facing rough weather.

Meanwhile, finance minister Arun jaitly said, ''Sebi is evolving as a professional organisation,'' adding that he discussed future agenda of the market regulator and budget announcements related to capital markets with the Sebi board.