The government's search for the next stock market regulator appears to be over. On Monday, December 13, the Government-appointed search panel recommended U K Sinha, chairman and managing director of UTI Mutual Fund for the crucial post. The search panel, headed by the cabinet secretary K.M. Chandrasekhar held its final interview on Monday and have recommended Sinha's name for approval by the Appointments Committee of Cabinet.
The other members of the panel included Ashok Chawla, finance secretary; R Gopalan, secretary, department of financial services and Alka Sirohi, secretary to the department of personnel and training. Once the approval is through, Sinha will take over the role from February 18, 2011 when current incumbent CB Bhave's tenure comes to an end.
Prior to joining UTI, Sinha was joint secretary in the department of economic affairs from June 2002 to October 2005. The former bureaucrat was also instrumental in pushing the case for pension reforms in the early part of 2000s. Sinha is also the chairman of the Association of Mutual Funds of India (AMFI), the industry body for mutual funds. He is generally expected to have a pragmatic and well-rounded view of the financial industry that will balance business growth and investor interests. Given that the post carries a five year tenure, the SEBI head has a wide opportunity to leave a lasting impact on the conduct of the investment markets.
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