The government has appointed UTI chief UK Sinha as the new chairman of market regulator Securities Exchange Board of India (Sebi). Sinha will succeed incumbent CB Bhave, whose term is scheduled to end on February 17.
According to senior government officials, Sinha’s appointment has been formally approved and orders will be issued soon. A search panel headed by Cabinet secretary KM Chandrasekhar had recommended Sinha’s name for the post in December 2010. He is currently chairman and managing director of UTI-Asset Management Company and is also serving as the mutual fund industry body AMFI’s chairman.