Search the Internet          Tips  Sites: Finance, Investment

LIC's G N Bajpai appointed new SEBI chief

G N Bajpai, chairman of Life Insurance Corporation, was on Tuesday appointed the new chairman of Securities and Exchange Board of India.

Bajpai succeeds D R Mehta, who retires on Wednesday.

The appointments committee of Cabinet cleared Bajpai's name and a final notification will be issued Wednesday, joint secretary (capital markets) J Bhagwati said.

Bajpai has been appointed as SEBI chief for a period of three years.

A Ramamurthy, the senior-most managing director of LIC, is likely to succeed Bajpai as its chairman.

Mehta whose three-year term had ended on February 2000, had got a two-year extension.

His tenure was marred by the securities scam last year and the joint parliamentary committee probing it had accused him of laxity in monitoring the market movements.

Mehta's tenure, however, also saw introduction of online trading, dematerialisation of scrips in phases, derivatives trading at BSE and NSE and mandatory rolling settlement in major scrips.

YOU MAY ALSO WANT TO READ:
The SEBI Story
The Rediff Budget Special
Run-Up To The Budget