Mumbai: National Securities Depository Limited's Chairman Chandrasekhar Bhaskar Bhave has been appointed as Chairman of market regulator Securities and Exchange Board of India. Bhave succeeds M Damodaran who completes his three-year term this week-end.
Finance Ministry has cleared Bhave's appointment on Thursday and an official communication will be issued shortly. A 1975 batch IAS officer from the Maharashtra cadre, Bhave will be the sixth Chairman of Sebi. Bhave, 57, quit the the civil services in the mid-1990s to take up an assignment with the National Securities Depository Limited.
He had earlier served in Sebi as Senior Executive Director when GV Ramakrishna was the Chairman. Bhave had a stint with the finance ministry as well.
Having served the SEBI earlier, Bhave will be joining the regulator as the sixth chairman. His predecessors, apart from outgoing chairman M Damodaran, include GN Bajpai, DR Mehta, SS Nadkarni and GV Ramakrishna.
Bhave was favoured by the government over other identified candidates for the job that included Bhagwati, Sinha and Rao.
Bhave was one of the first senior executive directors to come on SEBI's board in the early 90s after being persuaded by his former boss Ramakrishna. Subsequently, he quit IAS, which he had joined in 1975, to take up the assignment of building NSDL.
However, NSDL had drawn flak during the 2006 IPO price manipulation case from the regulator, which also suggested overhauling the management of the depository. The depository did not accede with the suggestion and challenged it before the Securities Appellate Tribunal (SAT). NSDL eventually got an award in its favour.
During his stint as Chairman of NSDL, Bhave contributed his bit in improving the functioning of the capital market by introducing a paperless system for storing securities.
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