SEBI chief U K Sinha gets one year extension

New Delhi: SEBI chief U K Sinha was Monday given a one-year extension, till March next year.

His tenure was to end on February 17.

The Appointments Committee of the Cabinet has approved re-appointment of Sinha, with effect from February 18, 2016 up to March 1, 2017, an order issued by Department of Personnel and Training said.

Necessary communication in this regard has been sent to the Department of Economic Affairs, it said.

Sinha, a 1976 batch IAS officer of Bihar cadre, assumed office as the market regulator's chairman on February 18, 2011 when the previous UPA government was in the power. While Sinha was initially appointed with a three-year term, he was later given a two-year extension.

With his latest extension, Sinha has become the second- longest serving chief of SEBI after D R Mehta's seven year term from 1995 to 2002.

The tenure of SEBI chief is for five years or till the incumbent attained the age of 65 years.

The move assumes importance as there has been continuous decline in the stock markets for past few days.

Sinha's extension has put an end to the bureaucrats race for the most sought-after post. SBI chairperson Arundhati Bhattacharya, newly-appointed Secretary of Department of Industrial Policy and Promotion Ramesh Abhishek and Additional Secretary in President's Secretariat Thomas Matthew, among others, were said to be in the race for the SEBI chief.

It is pertinent to mention that the government had in December last year reconstituted a search panel to include a representative from the Prime Minister's Office (PMO).

Members of the revamped panel headed by Cabinet Secretary P K Sinha included Additional Principal Secretary to Prime Minister, Economic Affairs Secretary and three experts nominated by the central government.