NEW DELHI: As per the latest buzz, UK Sinha has been selected as the new Chairman of Securities and Exchange Board of India (SEBI). According to the sources, UK Sinha has replaced CB Bhave as the new SEBI Chairman. However, it has not been officially announced.
CB Bhave, who was not offered extension by the Finance Ministry, assumed office in 2007 and will complete his 3-year term in February 2011. “The chairman shall hold office for such period not exceeding 5 years and shall not hold office beyond 65 years of age, whichever is earlier. He is eligible for re-appointment,” Finance Ministry said in a statement.
Other significant names that were also seen in contention for the coveted post include R Bandyopadhyay, who is the present secretary in the Ministry of Corporate Affairs and Madhya Pradesh Finance Secretary GP Singhal. Apart from these, SBI Chairman O P Bhatt and Reserve Bank Deputy Governor K C Chakrabarty were also selected for the final interviews.
UK SinhaU. K. Sinha is currently serving as the Chairman and Managing Director of UTI Asset Management Company (P) Ltd. Before UTI, he was Joint Secretary in the Department of Economic Affairs (from June 2002 to October 2005).
UK Sinha has wide ranging experience in dealing with high profile cases of corporate tax evasion. Earlier, he has served as the Joint Secretary in-charge of Capital Markets in the finance ministry. He has also been a part of various committees formed by SEBI and the Finance Ministry for capital market regulations.
As per the sources close to the development, UK Sinha as the SEBI Chairman would have the option to receive pay equivalent to a Secretary to the Government of India, or a consolidated salary of Rs. 3 lakh per month.
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