New SEBI chairman Ajay Tyagi: 10 Things to Know

FROM March 1, the Securities and Exchange Board of India (SEBI) will have a new chairman: 1984 batch Himachal Pradesh cadre IAS Ajay Tyagi. The Appointments Committee of the Cabinet (ACC) on Friday not only cleared Tyagi’s name as the new Sebi chief but gave him a full five years tenure. Tyagi will take over from incumbent UK Sinha who is currently on extension. Here are 10 things to know about Tyagi:

Will the CVC be given a jurisdiction over regulatory bodies like TRAI, IRDA and SEBI? Any decision on Wednesday?

COME Wednesday, an inter-ministerial meeting to be chaired by a joint secretary-ranked officer of the department of personnel and training (DoPT) will deliberate on whether Central Vigilance Commission (CVC) should be given a jurisdiction over various regulatory authorities such as telecom regulator TRAI and insurance regulator IRDA etc., an issue that has not been resolved for over a decade. The meeting to be held on August 19, 2015 in North Block will also try to find an answer whether the CVC…

Government may create an IAS, IPS like service to man regulatory bodies

AFTER many failed attempts to create new services like Indian Educational Service and Indian Legal Service along the lines of Indian Administrative Service (IAS), here is one more such idea. Now, the law ministry has begun to work on a proposal to set up an Indian Regulatory Service like IAS and IPS. The personnel directly recruited for this service will man regulatory authorities like Sebi, Trai etc. which are now being managed by retired bureaucrats.

The cadre of the proposed service will have to pass an all-India examination to be conducted by Union Public Service Commission (UPSC) and they would be recruited in organizations such as Competition Commission of India (CCI), Telecom Regulatory Authority of India (Trai), Securities and Exchange Board of India (Sebi), Pension Fund Regulatory Development Authority (PFRDA), Central Electricity Regulatory Commission (CERC) among others.

Media reports quoting law minister Veerappa Moily said that the move was necessitated by the fact that regulators would increasingly play a larger role in governance of the country, and manning these bodies by bureaucrats on-deputation and retired judges would increasingly become a difficult task.

Action and Appointments

a) The Appointments Committee of the Cabinet has  approved the following  appointments at the level of additional secretary, on in-situ basis, by temporarily upgrading the posts held by the officers

(i) Ms Parvinder S Behuria, a 1977 batch IRS-IT officer, as Secretary, PESB, Department of Personnel and Training in the rank and pay of additional secretary.

(ii) Ms Ajanta Dayalan, a 1978 batch IA and AS officer, as additional secretary in cabinet secretariat.

(iii) Ms Rasheda Hussain, a 1978 batch IRS(C and CE, as additional secretary (COFEPOSA) under the department of revenue.

(iv) Arunava Dutt, a 1978 batch IDAS officer, financial adviser in border security force, in the rank of additional secretary.

b) Siddharth  Sharma, a 1996 batch Indian Civil Accounts Service officer has been appointed as director in the department of expenditure.