M Damodaran, chairman and managing director of Industrial Bank of India [Get Quote] was on Thursday appointed the chairman of Securities and Exchange Board of India.
Damodaran takes over as Sebi chief from G N Bajpai who retires on Friday.
Damodaran was instrumental in turning around the beleaguered Unit Trust of India, which was split into two organisations after the 2001 muddle in the country's biggest mutual fund.
Damodaran succeeded P Subramanian as UTI chairman in 2002 after the US-64 scam came to light.
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