Sebi chief UK Sinha to get two-year extension: report

Capital market regulator Sebi's Chairman UK Sinha is all set to get a two-year extension and a notification in this regard is expected in a "day or two."

Sinha's current tenure as Chairman of the Securities and Exchange Board of India (Sebi) is set to end this month.

"The notification for extension (of tenure) should come in a day or two. It is with the Appointments Committee of the Cabinet. All security clearances, including from the Central Vigilance Commission, have been received," a senior Finance Ministry official told PTI.

"The extension will be for two years as laid down in the regulations," the official said.

There has been a general view that there should be continuity in leadership at regulatory authorities.

Under the stewardship of Sinha, who has been at the helm at 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.

In recent times, Sebi has also been active in cracking down on illegal money-pooling schemes.

In November, the Supreme Court had upheld Sinha's appointment as Sebi Chairman, saying the government had acted fairly and in accordance with the procedure of the law.

The apex court had dismissed a PIL against Sinha's appointment, observing that the petition was not maintainable on various grounds. However, it decided to hear it as the appointment to a very senior position had been challenged.