Senior IAS Officer Ajay Tyagi is set to replace Upendra Kumar Sinha as the chairman of Security Exchange Board of India. The 58-year-old SEBI-chairman designate has been a veteran administrator, who has served the government at various levels. Tyagi was the first to be appointed secretary at the Petroleum and Natural Gas Regulatory Board (PNGRB) in November 2006.
At PNGRB, Tyagi was responsible for the entire functioning as the chairman of the board was not appointed and he was responsible for coming out with the early regulations for the city gas distribution sector. Tyagi also played a prominent role in drafting regulations of PNGRB Act as a joint secretary in the Ministry of Petroleum and Natural Gas. Tyagi served the petroleum ministry for 5 years, first as director, and then as joint secretary. After a two-year tenure at PNGRB, Tyagi moved back to his cadre state handling portfolios as diverse as finance, IT and printing and stationery.
The SEBI chairman-designate is double masters with post-graduation in economics and computer science. Prior to joining the finance ministry in October 2014, he spent two years in the environment ministry. The top bureaucrat is known for his positive attitude and professional work ethics.
In the finance ministry, Tyagi’s responsibilities include investment, capital markets, bilateral relations and currency. Some of the key decisions that Tyagi has been involved in are the setting up the demonetisation, development of the corporate bond markets, monetary policy committee, and foreign investments.
The appointment is made by the government on recommendation of the Financial Sector Regulatory Appointments Search Committee, headed by the Cabinet secretary. A day after being named the next Sebi chief, senior bureaucrat Ajay Tyagi said it is a big responsibility and he is looking forward to handling it.
As Chairman of the Securities and Exchange Board of India (Sebi), Tyagi will oversee regulation and surveillance of capital markets and all the market infrastructure entities such as stock exchanges and intermediaries including brokerage firms, mutual funds, FPIs, investment banks and rating agencies, as also thousands of listed companies. Tyagi, a 1984 batch IAS officer of Himachal Pradesh cadre, is at present Additional Secretary (Investment) in the Department of Economic Affairs and handles capital markets.
The Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi has approved his appointment for a period not exceeding five years or till the age of 65 years, an order issued by Personnel Ministry said last evening. 58-year-old Tyagi, who hails from Uttar Pradesh, is a Post Graduate in Economics. He did Masters in Public Administration from Harvard and holds Masters in Technology (Computer Science), as per his official resume.
He holds a Bachelor degree in electronics also.
He was Joint Secretary in Ministry of Environment, Forest and Climate Change before joining Finance Ministry on November 1, 2014 as Additional Secretary. . He held various posts in Himachal Pradesh government including in power, revenue, finance and information technology. Tyagi, for a short while, was also on the board of Reserve Bank of India (RBI).
Incumbent Sinha, a 1976 batch IAS officer of Bihar cadre, had assumed office as Sebi chairman on February 18, 2011, when the previous UPA government was in power. He was later given a two-year extension. Days before the end of his tenure in February last year, he was given another extension till March 1, 2017. Sinha’s over six-year tenure as the Sebi chief is the second-longest after D R Mehta’s seven-year term from 1995 to 2002. Besides chairman and whole-time members, the Sebi board includes independent members and nominees of Finance Ministry, Corporate Affairs Ministry and the RBI.