Search panel recommends U K Sinha for Sebi top job

A government search panel is understood to have recommended UTI MF Chairman U K Sinha as the next chairman of the Securities and Exchange Board of India (Sebi). The post will fall vacant on February 17, when incumbent C B Bhave’s term ends.

The panel had recommended his name, sources said. However, no official confirmation could be obtained.

Sinha, who is also the chairman of the Association of Mutual Funds in India, was considered to be a front runner for the post. Sinha had also served as a joint secretary, capital markets division, in the finance ministry. He is an IAS officer of the Bihar cadre.

Besides Sinha, others in the race included Corporate Affairs Secretary R Bandyopadyay, Department of Disinvestment Additional Secretary S Pradhan, Madhya Pradesh Principal Secretary G P Singhal and two former managing directors at SBI – S K Bhattacharya and R Sridharan.

Yesterday, the search panel interviewed some of the candidates in the race to head Sebi. “The Sebi chairman post will be vacant on February 17, 2011. Before that we will have the successor,” Finance Secretary Ashok Chawla, who is a part of the panel, had said.

The panel, headed by Cabinet Secretary K M Chandrasekhar, also includes Financial Services Secretary R Gopalan and Department of Personnel Secretary Shantanu Consul.