Ministry of Finance is inviting applications for appointment of chairman of markets regulator Securities and Exchange Board of India. The incumbent chairman, Ajay Tyagi's five-year term concludes in February.
The application notice dated October 28, states the tenure of the appointment would be for a maximum of five years or until 65 years - whichever is earlier.
The last date for the application is December 6, 2021. The candidates are shortlisted by the Financial Sector Regulatory Appointments Search Committee (FSRASC), which is headed by the Cabinet Secretary. The shortlisted candidates are interviewed by the panel comprising Economic Affairs Secretary and three external members having domain knowledge.
Based on interaction, FSRASC recommends the name to the Appointments Committee of Cabinet headed by Prime Minister Narendra Modi for approval.
In the past, the government had given an extension to U K Sinha for three years, making him the second longest-serving chief of SEBI after D R Mehta.
In the case of Tyagi, the government issued appointment notifications twice.
Tyagi, a 1984 batch IAS officer of Himachal Pradesh cadre, was appointed SEBI chairman on March 1, 2017, for a period of three years. Subsequently, he was given a six-month extension and later in August 2020, his tenure was extended by 18 months.
Subsequently, another notification curtailed his appointment to an initial period of three years.
(With inputs from PTI)