The Hindu Business Line : Damodaran not looking to extended tenure

The Securities and Exchange Board of India Chairman, Mr M. Damodaran, has no plans to seek an extension when his current tenure as capital market regulator expires in mid-February.

“I am not looking at an extension. I am not an applicant, supplicant, job-seeker or even a candidate…. I want to move on,” Mr Damodaran told Business Line, when asked whether he was aspiring to continue as SEBI Chairman once his term ends.

The Government has already started the search for a capital market regulator to fill in the vacancy caused by Mr Damodaran demitting office. According to market buzz, the candidates in the fray for the top job in SEBI include the CEO of UTI Asset Management Company, Mr U.K. Sinha, and the NSDL Chairman, Mr C.B. Bhave.

Sources said that the interview process for selection of the Chairman may start on Tuesday. The initial screening is likely to be done by a committee under the Chairmanship of the Cabinet Secretary, Mr K.M. Chandrasekhar.

Mr Damodaran took over as SEBI Chairman on February 18, 2005. The SEBI provisions provide that the Chairman can hold his post for a three-year period or attaining of the age of 65, whichever is earlier.

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