02 March 2017 Current Affairs: Ajay Tyagi on 1 March 2017 took charge as the Chairman of the Securities and Exchange Board of India (SEBI).
Tyagi succeeds UK Sinha, who served for six years, the second-longest term by any SEBI Chairman. Sinha is a 1976 batch IAS officer of Bihar cadre.
In this new role, he will be responsible for developing the country's commodity and corporate bond markets and shoring up corporate governance. He will be required to balance multiple constituencies such as traders, fund managers and the Reserve Bank of India.
Ajay Tyagi : Tyagi was already involved with SEBI as he has been serving as Additional Secretary at the Finance Ministry's Economic Affairs Department since 2014, the unit that oversees SEBI. This was his only experience in capital markets.
He was instrumental in merging the then standalone regulator Forward Market Commission (FMC) with the Securities Exchange Board of India that came into effect in late 2015, making it a composite regulator for the entire capital market space.
Under his stewardship, SEBI has been fighting a prolonged battle with the Sahara Group over illegal money pooling activities.
Tyagi is a 1984 batch IAS officer of Himachal Pradesh cadre.
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