The Hindu Business Line : Bhave will be new SEBI chief

New Delhi, Feb. 14 The Securities and Exchange Board of India will have a new Chairman in Mr C.B. Bhave, who is currently Chairman of National Securities Depository Ltd (NSDL).

Mr Bhave, who had earlier served in both Government and SEBI, is expected to take over on Monday.

CABINET PANEL NOD

Official sources said that the Appointments Committee of the Cabinet has approved Mr Bhave’s name as the next SEBI Chief based on the recommendations of a selection committee headed by the Cabinet Secretary, Mr K.M. Chandrasekhar.

Mr Bhave would come in the place of incumbent Chairman, Mr M. Damodaran, whose three-year term ends on Friday.

However, till Thursday evening, there was no official announcement or an order issued on the appointment.

The candidates who were in the fray for the top job in SEBI were Mr U.K. Sinha, CEO of UTI Asset Management Company; Mr M.B.N. Rao, Chairman of Canara Bank; Mr Jaimini Bhagwati, Additional Secretary in Ministry of External Affairs and Mr Bhave.

Mr Damodaran had said that he had no plans to seek an extension when his current tenure expired in mid-February. He took over as SEBI Chairman on February 18, 2005.

The SEBI provisions stipulate that the Chairman can hold his post for a three-year period or attaining the age of 65, whichever is earlier.

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