Sebi evolving according to the economy's needs: Arun Jaitley

His comments on the Sebi's role came after he addressed its board at a post-Budget meet

Finance Minister Arun Jaitley on Saturday credited the Securities and Exchange Board of India (Sebi) for being a professional organisation which has been evolving as per the needs of the economy and the markets.

Jaitley's comments on the evolution of the Sebi's role came after he addressed its board at a post-Budget meet.

"Sebi is a professional organisation with considerable experience," Jaitley said adding that it has been evolving according to the needs of the economy and the markets.

According to the minister, during the meet, discussions on various issues relating to the securities markets were held.

The meeting was attended by Minister of State for Finance Arjun Ram Meghwal, Sebi Chairman U K Sinha and Chairman-elect Ajay Tyagi, among other top officials from the ministry and the Reserve Bank of India (RBI).

On Friday, the appointments committee of the cabinet (ACC) selected senior Indian Administrative Service (IAS) officer Ajay Tyagi as the new chairman of Sebi.

Tyagi, a 1984-batch IAS Officer from Himachal Pradesh cadre who is presently Additional Secretary (Department of Economic Affairs) in the Ministry of Finance, will succeed Sinha, whose extended tenure ends on March 1, 2017.