Key appointments overdue, financial institutions wait for PM to end policy paralysis
- IPL spot-fixing case: Actor Vindoo Dara Singh arrested
- IPL 2013 LIVE SCORE: Michael Hussey, Suresh Raina propel Chennai Super Kings
- Pune Warriors withdraw from IPL, 'disgusted' by BCCI's attitude
- IPL spot fixing: How Sreesanth splurged money on girlfriend
- Li Keqiang visits TCS, Cyrus P Mistry says China important for growth of Tata Group
The paralysis on appointments that had plagued the financial sector, resulting in top financial institutions, key regulatory bodies and state-owned banks remaining headless for months, could see a course correction. With Prime Minister Manmohan Singh taking charge of the finance ministry, there are strong indications that long pending appointments could finally come through.
At present, institutions without a full-time chief include UTI, the country's oldest and biggest mutual fund company, and New India Assurance, one of the three state-owned general insurance firms. While UTI has not had a full-time chairman since February 2011, New India Assurance has been headless since last August.
UTI, which has been without a chairman since its former chief U K Sinha left to head market regulator Sebi, has just re-started the process of selecting a chairman and managing director. An earlier attempt to appoint a chairman ended after disagreement among its four shareholders over one of the applicants — Jitesh Khosla, a bureaucrat — favoured by the finance ministry. The Fund has been functioning under acting-CEO Imtaiyazur Rahman since January this year.
In the case of New India Assurance, the chairman, M Ramadoss, was suspended in August 2011 on charges of irregularities. G Srinivasan, CMD of United India Insurance, held additional charge of the company for about five months until the finance ministry appointed A R Sekar, general manager of New India, as officiating CMD in January this year. Curiously, the government had on November 25 last year, appointed A K Saxena as CMD of New India, but cancelled the appointment within an hour.
This is not all. Market regulator Sebi has been functioning with just one full-time member, with two of its full-time members having retired. The finance ministry had advertised for the posts in February this year, but is yet to take a decision.
- 'Sophisticated' Indian cyberattacks targeted Pak military sites: Report
- Talkative Li quoted Weber, Hegel, Jobs, said PM is large-hearted
- Bihar food corp ends up with chaff as rice worth Rs 535 cr vanishes from mills
- In 7 lucrative minutes on May 9, Sreesanth bowled 6 balls, bookie made Rs 2.5 cr
- India and China ask border envoys to work on more steps
- Former Ranji player among 3 more held