<b>Somasekhar Sundaresan:</b> Immediate challenges for new Sebi chairman

Within Sebi, the chairman should hold an umbrella for both young and old employees

Very soon, Ajay Tyagi will take charge at the Securities and Exchange Board of India (Sebi) as the new chairman. The task requires calm reflection on the problems on hand, and a mind open to fresh ideas and innovative thinking. The capital markets regulator is at a crossroads.  Never in the regulator’s history has this role been more complex than it is now. Here is a brief heads-up with pointers to what needs immediate attention.

First, Sebi is in crying need of a peacetime general. The very assumption of this office can make some incumbents believe that they are now at