SEBI Chairman Ajay Tyagi's term extended till February 2022
Ajay Tyagi was appointed as the SEBI Chairman in March 2017 for a term of three years. He was given a six-month extension in March till August 2020.
SEBI Chairman Ajay Tyagi has been given a term extension of 18 months till February 2022, as per an order by the personnel ministry. The decision was approved by the Appointments Committee of the Cabinet chaired by Prime Minister Narendra Modi on August 5, 2020.
The Chairman of the market regulator has been given term extension for 18 months, with effect from September 1, 2020 till February 28, 2022. Ajay Tyagi is a 1984 batch IAS (retired) officer of Himachal Pradesh cadre.
Tyagi was appointed as the SEBI Chairman in March 2017 for a term of three years. He was given a six-month extension in March till August 2020.
• The finance ministry took the decision to extend Ajay Tyagi’s tenure as the chairman of Securities and Exchange Board of India (Sebi) by 18 months to ensure continuity amid an uncertain economic environment.
• The decision was taken to ensure that there are no disruptions at regulators at a time when the Indian economy and corporates are going through covid-19 related uncertainties.
• This is Tyagi's second extension, the first one was for six months till August 2020. Now, he will head the market regulator till February 28, 2022.
• Tyagi is known to have instituted a consultative process for drafting regulations during his tenure and assured that the market regulator was not influenced by special interests.
• Under him, SEBI set up 30 committees and working groups that drafted close to 60 discussion papers.
• He is also known to have handled COVID-related disruptions extremely well. Since the beginning of lockdown on March 25 till last week of May, SEBI was focused on relaxing compliance needs for regulated entities to ensure markets were not manipulated amid high volatility.
SEBI eased several norms during the lockdown including allowing participants to trade from home, easing fundraising norms, complying with KYC requirements, relaxing registration timeline, extending timelines to comply with norms and extending result filing dates for companies.