Sebi chief Bhave may get an extension

The government is likely to ask C B Bhave to continue as the capital market regulator.

The government is likely to ask C B Bhave to continue as the capital market regulator. Bhaves term expires in February 2011 and a search committee was set up in September almost six months in advance to find the next chairman for the Securities and Exchange Board of India (Sebi).

Reliable sources told The Sunday Express that the Prime Ministers Office recently asked the Cabinet Secretariat why Bhave’s term should not be extended. A meeting of the search committee that was scheduled to meet on Friday to interview about a dozen shortlisted candidates was cancelled just a day before. A new date for the meeting is yet to be finalised,the sources said.

When asked if the government asked him to continue,Bhave refused to comment.

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The Finance Ministry’s decision to set up a committee much before Bhave’s term was to expire triggered speculation in the policy circles that it was a signal that the government was inclined to replace him. Bhave,however,wrote to the Finance Ministry welcoming the decision. He is learnt to have said that an early decision would ensure a smooth succession at Sebi.

U K Sinha,Chairman and Managing Director of UTI Asset Management Company,who is also the present chairman of Association of Mutual Funds of India,and Corporate Affairs Secretary R Bandyopadhyay are said to be the top contenders for the post. The search committee had initially considered about 20 persons,but then shortlisted seven candidates in its last meeting. SBI Chairman O P Bhatt and RBI Deputy Governor K C Chakrabarty are learnt to have opted out of the race.

The selection committee chaired by Cabinet Secretary K C Chandrasekhar includes Finance Secretary Ashok Chawla,Financial Services Secretary R Gopalan and Department of Personnel Secretary Shantanu Consul. It had met early last month to decide on the final list.

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