C B Bhave leads race for Sebi Chairman

C B Bhave, chairman and managing director of National Securities Depository Ltd (NSDL), is believed to be leading the race for the sixth chairman of the Securities and Exchange Board of India (Sebi).

According to people familiar with the matter, the government has zeroed in on Bhave's name as the successor to M Damodaran, whose term ends on February 17. Bhave was the executive director of Sebi before joining NSDL.

Apart from Bhave, the search panel headed by Cabinet Secretary K M Chandrasekhar had forwarded three more names to the government.

They were Jaimini Bhagwati, additional secretary, economic relations, ministry of external affairs; U K Sinha, chairman and managing director of UTI Asset Management Co. Ltd, and MBN Rao, chairman and managing director of Canara Bank.

The panel had also said current Chairman M Damodaran can be eligible for reappointment.

Damodaran took over as Sebi chairman in February 2005 for a three-year term.