The government has given a six-month extension to Securities and Exchange Board of India (SEBI) chairman Ajay Tyagi whose term at the helm was ending on February 29.
In a gazette notification issued late on Friday, the government said that Mr. Tyagi's term has been extended for six months or until further orders. "In exercise of the powers conferred by Sub-Section (1)(a) and Sub-Section (4) of Section 4 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), read with Rule 3 of the Securities and Exchange Board of India (Terms and Conditions of Service of Chairman and Members) Rules, 1992, the Central Government hereby extends the term of appointment of Shri Ajay Tyagi as Chairman of the Securities and Exchange Board of India for a period of six months beyond 29.02.2020 or until further orders, whichever is earlier," stated the notification.
Mr. Tyagi is an Indian Administrative Officer (IAS) of the Himachal Pradesh cadre. During his tenure at the helm, he dealt with high profile investigation cases related to the National Stock Exchange (NSE), IL&FS, Price Waterhouse, and Reliance Industries among others. In terms of the regulatory framework, he oversaw reviews and amendments of important regulations related to insider trading, public issue process, corporate governance, mutual funds and foreign portfolio investors (FPIs). Further, he laid down stringent disclosure norms that made it mandatory for companies to disclose debt default.
