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Kamesam may join Sebi board

BS Markets Bureau

Vepa Kamesam, the newly appointed Reserve Bank of India deputy governor, is likely to be the next RBI director on the board of the Securities and Exchange Board of India. He would be replacing previous director S P Talwar.

While it is G P Muniappan who has taken over Talwar's portfolios, sources said he would most likely move to the State Bank of India board, where the berth is lying vacant with the exit of Jagdish Capoor.

Kamesam has been with the SBI throughout after joining the bank as a probationary officer in 1963. Before joining the RBI he was the managing director of the public sector banking major in charge of the National Banking Group.

"In order to avoid clash of interests, it is logical that Kamesam will go to the capital markets regulator and Muniappan to SBI," the sources said. Muniappan joined the RBI in 1965 and has worked in various offices and departments there. Before taking over his current assignment Muniappan was banking Ombudsman at Thiruvananthapuram.

Kamesam is looking after exchange control department, department of currency management, department of information technology, rural planning & credit department, industrial & export credit department, department of administration & personnel management (including vigilance cell), human resources development department, central security cell, inspection department and premises department.

Department of banking operations & development, department of banking supervision, financial institutions division, urban banks department, department of non-banking supervision, department of financial companies, legal department and deposit insurance and credit guarantee corporation would come under the supervision of Muniappan.

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