NEW DELHI: The Finance Ministry seems to be in no mood to extend the tenure of Ajay Tyagi, the current chief of Securities and Exchange Board of India (SEBI). The ministry has invited applications for the post, as Tyagi’s three-year term comes to an end next month.
Tyagi, a 1984 batch IAS officer from Himachal Pradesh cadre, was additional secretary (investment) in the Department of Economic Affairs before he was appointed as the SEBI chairman for a period not exceeding five years or till the age of 65 years, when UK Sinha retired on March 1, 2017. However, his tenure was later curtailed to three years, which is set to end in March 2020.
While it was expected that he would get an extension like Sinha, the Centre seems to be in no mood to do so, even though Tyagi has age on his side. The finance ministry, via a notice dated January 24, has invited applications from eligible candidates for the post. “Applications of eligible candidates in prescribed pro forma, along with attested copies of annual confidential report for the last five years, vigi lance clearance and no-penalty and integrity certificate in case of serving government employees, should reach on or before February 10,” said the notice from Economic Affairs Department.
The candidates will be shortlisted by the Financial Sector Regulatory Appointments Search Committee (FSRASC) headed by Cabinet Secretary, followed by an interview. Based on that, the FSRASC would recommend the shortlisted candidate to the Appointments Committee of Cabinet.