Damodaran takes charge, talks tough

The new chairman is a very able and competent successor: Bajpai.

The new Securities and Exchange Board of India (Sebi) chairman, M Damodaran, took over from GN Bajpai today, saying he would try to uphold the regulatory standards set by his predecessor.

"My predecessor has raised the bar and I will try to reach it, if not cross it. I have never been a regulator but I have been regulated and have survived. I hope that those who I regulate will also prosper in a regulated manner," Damodaran said.

After taking over in a quick, business-like ceremony, Damodaran pointed out that "some creative minds will be always be prone to mischief, but we will minimise it".

He added: "For people prone to mischief, punishment will be both swift and heavy."

Sebi's outgoing boss Bajpai said: "The new chairman is a very able and competent successor. The last three years have been eventful, with happy and some anxious times. I will take some time off and then decide on plans for the future." Sebi's outgoing boss Bajpai said.

Asked about his road map for the stock market, Bajpai said he hoped his initiatives would continue. Damodaran said efforts would be made to create an environment where investors survive and prosper by abiding by the rules.