Bold decisions, complexities highlight of Sebi chief's first year in office

While the 59-year-old Sebi chief Ajay Tyagi showed the right intent at the start, some of the decisions the market regulator took ran subsequently into complexitiesv

Ajay Tyagi hit the ground running in his new assignment as chairman of the Securities and Exchange Board of India (Sebi). In less than a month in office, Sebi had passed the long-pending order against Reliance Industries in a 10-year-old case of unlawful gains. The market regulator imposed a penalty of over Rs 10 billion, including interest, on the country’s biggest company, sending a signal that the former bureaucrat would not shy away from taking bold decisions. Besides Reliance, Tyagi also had to deal with cases involving high-profile entities, including Tata Sons and Infosys, at the start of his tenure.