New Delhi, Feb 7: The Securities and Exchange Board of India Chairman U.K. Sinha has got a two-year extension till 2016. The Finance Ministry has issued a notification to this effect.
"The notification for SEBI Chairman's extension has been sent to SEBI late last night," a senior Finance Ministry official said.
The extension will be with effect from February 18 this year till 2016.Under the stewardship of Sinha, who has been at the helm of SEBI for almost three years, key reform measures were initiated in the capital market.
These include stringent disclosure norms, strict regulations for merchant bankers and the introduction of a new category of foreign investors.
Sinha's three predecessors - CB Bhave, M Damodaran and GN Bajpai - had a three-year term. Only DR Mehta had served as SEBI chairman for the longest duration from 1995 to 2002.
Sinha, a 1976-batch IAS officer, had served as Joint Secretary in the Finance Ministry and joined SEBI after serving as the Chairman and MD of UTI AMC.