Ajay Tyagi to take charge as Sebi chairman

His only experience with capital markets has been as addl secy in North Block, since October 2014

Ajay Tyagi will take charge as the new chairman of the Securities and Exchange Board of India (Sebi) on March 1.The 59- year old Tyagi will replace UK Sinha, who has been at the helm of the securities market regulator for six years.

Tyagi, who was an additional secretary, Department of Economic Affairs in the finance ministry, has been appointed for a period of three years. Tyagi is an Indian Administrative Officer (IAS) from the 1984 batch, Himachal Pradesh cadre. His only experience with capital markets has been as additional secretary in the North Block, a post he has held since October 2014.

A number of bureaucrats who have worked with Tyagi say that he was expected to show good understanding of the markets and infuse new ideas in the system. Tyagi has to primarily complete the unfinished agenda of his predecessor Sinha, on issues like start-up listings and real estate investment trusts (Reits) which is yet to take off. He need to also finalise new rules on algorithm or high-frequency trading (HFT), cyber security, integration of Sebi with erstwhile commodity regulator Forward Market Commission (FMC), legal hurdles in launching option trading.