Govt may announce new Sebi chief by Feb 10

The government is likely to name the next chairman of the Securities and Exchange Board of India (Sebi) by February 10, a week before M Damodaran retires.

A search panel headed by Cabinet Secretary KM Chandrasekhar has concluded interviews for the post. Six people, including Damodaran, were called for the interview, held on January 29.

With Damodaran deciding to give the interview a miss, the contenders are UTI AMC Chairman and Managing Director (CMD) UK Sinha, National Securities Depository Ltd CMD CB Bhave, Canara Bank CMD MBN Rao, Reserve Bank of India Executive Director VK Sharma, and Ministry of External Affairs Additional Secretary J Bhagwati.

"Damodaran was called but he did not come," said an official source. It is not known if Damodaran will be considered for an extension, though sources said his appearance for the interview was a must for such a possibility.

Departing from the past practice of getting candidates vetted by a search committee, the government has this time interviewed a select number of candidates.

Once it finalises the candidates, the search committee is likely to suggest two names to the Appointments Committee of the Cabinet, headed by Prime Minister Manmohan Singh.

Besides Chandrasekhar, the search committee comprised Finance Secretary D Subba Rao, Financial Services Secretary Arun Ramanathan, Indian School of Business Dean Rammohan Rao, and former UTI and Sebi Chairman SA Dave.