Ex-DIPP secy Ramesh Abhishek hasn't applied for Sebi Chairman post: Govt

The Central Government has informed the Madras High Court that the former DIPP Secretary Ramesh Abhishek has not applied for the post of Chairman of the Securities and Exchange Board of India (Sebi). The development comes amid speculation that he is one of the top contenders for the post of Sebi chief.

A writ petition, styled as a Public Interest Litigation, has been filed by T Palpandi, for whom Senior Counsel and DMP Rajya Sabha Member P Wilson appeared. The petition urged the court to direct the Central Government to ensure that a fair procedure is adopted, while not considering Abhishek's case for the post.

When the matter came up for hearing last week before the Divisional Bench, consisting of of Justices M M Sundresh and R Hemalatha, Senior Panel Counsel for the Central Government N Ramesh informed the Bench that he (Abhishek) has not even applied for the post of Sebi Chairman and therefore, there is no question of shortlisting him for it.

According to reports, the government had narrowed down on some names in February, just before Ajay Tyagi’s three-year tenure was set to end on the 28th of that month. However, Tyagi was granted a six-month extension to ensure continuity at Sebi amid the Covid-19 crisis. The notification will be issued by the end of the month.

The contenders include Insolvency and Bankruptcy Board of India (IBBI)'s chief Madhusudan Sahoo, Sebi Whole-time Member Madhabi Puri Buch, and Former Secretary of Department of Economic Affairs Atanu Chakraborty, among others.