Senior Finance Ministry official Ajay Tyagi has been appointed as chairman of Securities and Exchange Board of India (Sebi).
He will succeed UK Sinha, whose extended tenure ends on March 1.
Tyagi, a 1984 batch IAS officer of Himachal Pradesh cadre, is at present Additional Secretary (Investment) in the Department of Economic Affairs and handles capital market, among others.
Tyagi has been appointed as chairman of the markets regulator, an official order said.The Appointments Committee of the Cabinet-headed by PrimeMinister Narendra Modi has approved Tyagi’s appointment for a period not exceeding five years or till the age of 65 years, it said.
58-year-old Tyagi hails from Uttar Pradesh.
As per the eligibility criteria, a person can hold the position of Sebi chairman till the age of 65 years or for a term decided by the government.
Sinha, a 1976 batch IAS officer of Bihar cadre, had assumed office as the Sebi chairman on February 18, 2011, when the previous UPA Government was in power.
He was later given a two-year extension. Days before the end of his tenure in February last year, he was given another extension till March 1, 2017.
Many senior bureaucrats, including some Secretary-level officers, were in contention for the top post of capital market regulator.Tyagi for a short while was also on the board of Reserve Bank of India (RBI).
The process for selecting the next chief of the Sebi started in September 2015, pursuant to which several applications were received for the position.