The term of SEBI Chairman Ajay Tyagi extended by Central Government
1. The Central Government of India extended the term of appointment of Mr Ajay Tyagi as a Chairman of the Securities and Exchange Board of India (SEBI) for another six months as per the recent notification.
2. The central government through a notification dated February 28, 2020, issued in the name of Joint Secretary, Mr Anand Mohan Bajaj. The notification extended the tenure of Mr Ajay Tyagi whose term at the helm was ending on February 28, 2020. The central government announced the extension of the term of appointment to 6 months of Mr Ajay Tyagi as a Chairman of the Securities and Exchange Board of India (SEBI).
3. Previously, Mr Ajay Tyagi was an Indian Administrative Service (IAS) officer of Himachal Pradesh cadre and will continue to head the regulator until the government finds a successor. Mr Tyagi was an additional secretary at the finance ministry before taking on the role as Chairperson of Chairman of Securities and Exchange Board of India (SEBI) in March 2017. It is also said that the government received about 2 dozen applications from the candidate for the Chief of Securities and Exchange Board of India (SEBI).
4. Mr Tyagi in his regime focussed primarily on the enforcement of the law. Mr. Amit Tyagi (IAS) was often named as media-shy as he did not appear before the camera in spite of solving various high profile cases pertaining to alleged malpractice by Price Waterhouse in the Satyam Computer Services scam, unfair access to select brokers on the National Stock Exchange’s co-location platform and brokers in the NSEL scandal.
5. With this notification issued by the central government, Mr. Amit Tyagi (IAS) will have the third-longest tenure at the helm of the stocks market regulator, trailing that of only DR Mehta whose tenure was from February 21, 1995, to February 20, 2002, and UK Sinha whose tenure was from February 18, 2011, to March 01, 2017.