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June 22, 2001
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Money > Business Headlines > Report June 22, 2001 |
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Varma quits Sebi, returns to IIM-ABS Markets Bureau Jayanth R Varma, the professor from Indian Institute of Management in Ahmedabad, called it quits Thursday, after serving for a year as the wholetime member on the board of Securities and Exchange Board of India, the markets watchdog. Varma seem to be happy with his Sebi "experience" as he was keen to return back to academics. He had intimated the finance ministry of his desire to discontinue his board berth on Sebi in April this year, right after the market crash in March. Although Varma preferred to maintain silence on the reasons for quitting. Sebi insiders said he was finding it increasingly difficult to work within the bureaucratic constraints of the set-up. "I would not like to comment on it," Varma said when asked about the reasons for quitting. When asked whether he would continue to be on the various committees of Sebi, he said it was Sebi prerogative as his resignation was only from the Sebi board and does not extend to his association with the markets watchdog in his capacity as market expert. As a wholetime director, he was in charge of crucial portfolios such as primary markets, takeovers, secondary markets, venture capital financing, Internet trading among others. He was also on important committees such as risk management norms for derivatives market, the derivatives markets committee, valuations of Internet companies and so on. Prior to being inducted full time on the board, he was a part-time member on the board for three years. His appointment on the board was for a term of two years. Powered by YOU MAY ALSO WANT TO READ:
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