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C B Bhave may be named new Sebi chief

CNN-IBN
Feb 14, 2008 at 05:13pm IST

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New Delhi: The Chairman and Managing Director of National Securities Depository Limited, CB Bhave, is likely to be named the next chairman of market regulator Securities and Exchange Board of India, or Sebi.

Report suggests that Bhave, who had earlier served both in the Finance Ministry as well as SEBI, is expected to take charge after M Damodaran's term expires on February 17.

The name of Bhave, along with that of UTI Asset Management Company CMD UK Sinha, Canara Bank CMD MBN Rao and Ministry of External Affairs Additional Secretary J Bhagwati, was doing the rounds as a contender to succeed Damodaran as the new SEBI Chairman.

CHANGE OF GUARD: Current SEBI Chairman M Damodaran's term expires on February 17.

The government was also reportedly looking at an extension for Damodaran. However, no official confirmation could be obtained from the authorities concerned regarding the development.

The name of Reserve Bank of India's Executive Director VK Sharma had also emerged in media reports as a potential contender for the position. Damodaran had taken over as SEBI Chairman in 2005 for a term of three years.

(With PTI inputs)

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