"I have decided to resign to enable the new government to decide on composition and role of the commission," Ramakrishna told PTI. "I will send my papers once the new industry minister is announced," he said.

Ramakrishna, a former bureaucrat and founder chairman of the Securities and Exchange Board of India (SEBI), said that he had already informed the commission of his decision and it was for rest of the members to take a decision.

He added commission member Prof Suresh Tendulkar had also sent in his papers. Prof Tendulkar could not be contacted for his comments. The commission has been seeking active role in the disinvestment process, including the power to monitor divestment of the government equity in the public sector undertakings.