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May 10, 2001
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Money > Business
Headlines > Report May 10, 2001 |
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JPC reprieve for Sebi chiefAditi Phadnis, Janaki Krishnan & Ashwin Punnen in New Delhi and Bombay The Securities and Exchange Board of India chairman D R Mehta will not be removed until the Joint Parliamentary Committee on the shares scam gives its report. Mehta could now stay on in Sebi till his term ends in February next year. This reprieve has come with the realisation in the finance ministry that it is necessary to have a person at the helm who would be able to brief the JPC adequately. Highly placed sources in the finance ministry say while Mehta's performance as Sebi chief leaves much to be desired, he will not be moved now because of the JPC. The sources also said while the performance of the UTI was below par, no changes were proposed immediately. Sebi's senior executive director in charge of investigations and surveillance L K Singhvi is also expected to get an extension on his current tenure until the JPC probe is over. Singhvi's current five-year tenure in Sebi expires on May 15 this year. Singhvi, when contacted, however said he was not aware of this adding, "Neither the Sebi chairman nor I have made any request to the government about this. I have shown no interest in an extension," he said. According to sources, the decision to extend Singhvi's tenure was doing the rounds since he has been closely associated with investigations into the current stock market crisis, being the lead-sleuth in the investigation process. His continued presence in Sebi will also be crucial to the JPC probe into the affair. The Sebi set-up however will see major changes by the end of the year with the tenure of most of the old hands coming to an end. C M Mehra, the executive director in charge of administration and now with additional charge of primary markets and takeovers, is slated to retire sometime soon. J R Varma, who was appointed full-time board member last year, has already shown his reluctance to continue with Sebi. Other executive directors such as O P Gahrotra and Ashok Kacker have already left. Powered by YOU MAY ALSO WANT TO READ:
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