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Three regulators to retire

NEW DELHI: The Central Government will have the onerous task of selecting three key financial sector regulators in the next year, as Securities and Exchange Board of India Chairman M. Damodaran, Insurance Regulatory and Development Authority chief C. S. Rao and Reserve Bank of India Governor Y. V. Reddy are slated to retire during the course of 2008.

The first among the three to demit office will be Mr. Damodaran, whose three-year stint comes to an end in February 2008. While the IRDA Chairman will retire in June next, the five-year term of Dr. Reddy as the head of RBI will come to an end in September.

With less than one and a half month for retirement of Mr. Damodaran, the Government has started the hunt for a new SEBI chief. The names of probable candidates to succeed Mr. Damodaran include UTI Mutual Fund Chairman and Managing Director U. K. Sinha, Indian Foreign Office Economic Relations Additional Secretary J. Bhagwati and NSDL Managing Director Chandu Bhave. Besides, Petroleum Ministry Additional Secretary and former Chairman of the Forward Market Commission S. Sundaresan, Planning Commission Principal Adviser Paul Joseph and senior Karnataka bureaucrat Sudhir Kumar are in the race for the post.

It is also likely that Mr. Damodaran may get an extension like one of his predecessors D. R. Mehta, whose term was extended for two years by the previous NDA Government.

The appointment of new SEBI chief or extension to Mr. Damodaran will have to be approved by the Appointments Committee of the Cabinet (ACC) headed by Prime Minister Manmohan Singh.

Prior to taking over as SEBI Chairman, Mr. Damodaran was the Chairman and Managing Director of IDBI. He had replaced G. N. Bajpai.

At present IRDA chief Mr. Rao, former Revenue Secretary of India, took the baton from the first insurance sector regulator N. Rangachari in June 2003. As regards Reddy, he was Deputy Governor before being elevated to the highest post in the central bank for five years in September 2003. — PTI

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