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September 10, 2001
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Money > Business Headlines > Report September 10, 2001 |
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Finmin plans hunt panel for Sebi chiefBS Bureau The finance ministry is planning to set up a search committee to identify the next chairman of the capital market watchdog Securities and Exchange Board of India. The present chairman Devendra Raj Mehta is slated to step down in February 2002. According to sources, the modalities of forming the committee is expected to be finalised this week. Finance secretary Ajit Kumar and senior Reserve Bank of India officials are expected to be in the panel, which will have a few other members as well. Jaimini Bhagwati, joint secretary capital market, is a likely contender for the post and, hence, he may be kept outside the committee. "The ministry is yet to make up its mind whether it will put up an advertisement for the post and let the search committee shortlist candidates or leave the entire selection process to the search committee. It is likely to be decided only after the committee is set up. The ministry wants to complete the process well before end-February when Mehta's term comes to an end," said a source familiar with the development. In the recent past, the ministry had advertised for the chairman's post in the IDBI. Almost seven months after the last full time chairman G P Gupta retired, the ministry announced the appointment of P P Vora as IDBI chairman last week. "No ad hoc arrangement for the Sebi chairman's post is likely at this juncture. The ministry is in favour of a strong person who will give the right direction to the capital market reforms," said the source. Bhagwati is likely to emerge a strong contender for the post. D R Mehta, a former RBI deputy governor and a Rajasthan cadre IAS officer, got a two year extension in February 2000. Before his stint in the RBI he had put in stints as controller of capital issues in the finance ministry in the early 1980s and director general of foreign trade in the commerce ministry. He took over Sebi in 1995-96. Powered by YOU MAY ALSO WANT TO READ:
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