Ajay Tyagi succeeds UK Sinha as Sebi chief

Securities and Exchange Board of India (SEBI) chairman-designate Ajay Tyagi on Saturday said that he was "looking forward" to handle the "big responsibility" of managing the market regulator.

In the run-up to the appointment of SEBI chairman, Tyagi and Power Secretary PK Pujari had emerged as frontrunners.

A 1984-batch IAS officer of the Himachal Pradesh cadre, Tyagi is now additional secretary (investments) in the Department of Economic Affairs in the Ministry of Finance. The finance minister believed Sebi as a market regulator was evolving as a professional organisation.

The Appointments Committee of the Cabinet on Friday approved Tyagi's name for the top job at SEBI, the notification said. However, his three-year term was extended twice. Sinhas term would end on March 1, after which Tyagi will take over. After a two-year tenure at PNGRB, Tyagi moved back to his cadre state handling portfolios as diverse as finance, IT and printing and stationery. He did Master in Public Administration from Harvard and holds Master in Technology (Computer Science), as per his official resume. Tyagi also played a prominent role in drafting regulations of PNGRB Act as a joint secretary in the Ministry of Petroleum and Natural Gas.

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