Ramesh Abhishek is new DIPP secretary

Two key names in the fray for the post of Sebi chairman are Arundhati Bhattacharya, chairman of SBI, and Subir Gokarn, former deputy governor of RBI

Former Forward Markets Commission (FMC) Chairman Ramesh Abhishek, who was in race for the top job at markets watchdog Sebi, was on Thursday appointed as secretary of the Department of Industrial Policy and Promotion (DIPP). Meanwhile, Finance Secretary Ratan Watal was given a two-month extension ahead of the Budget.

With this, two key names in the fray for the post of Securities and Exchange Board of India (Sebi) chairman are Arundhati Bhattacharya, chairman of State Bank of India, and Subir Gokarn, former deputy governor of Reserve Bank of India.

Competition Commission of India member M S Sahoo, disinvestment secretary Aradhana Johri, former capital markets joint secretary Thomas Mathew (now an additional secretary in the President's office) and former economic affairs secretary Arvind Mayaram had also applied for the coveted post.

There was also a speculation that incumbent U K Sinha may be given an extension. Sinha's current term expires on February 17.

Ramesh Abhishek, a 1982 batch Bihar cadre IAS officer, had earlier headed FMC. Subsequently, he has been serving as secretary of performance management at the Cabinet Secretariat. He will join DIPP as an officer on special duty once Amitabh Kant, the incumbent officer, retires on February 29. Abhishek's term at FMC saw a major development relating to the National Spot Exchange Ltd. Subsequently, FMC was shifted from the ministry of consumer affairs to the finance ministry. It was later merged with Sebi from September, 2015.

Kant has been appointed as Chief Executive Officer of NITI Aayog. He was already holding this post as an additional responsibility, replacing Sindhushree Khullar.