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U.K. Sinha assumes charge as SEBI chief

Our Bureau Mumbai | Updated on February 18, 2011 Published on February 18, 2011

Mr U. K. Sinha(left), new SEBI Chairman with his predecessor Mr C B Bhave, while assuming charge in Mumbai on Friday. - Photo: Paul Noronha   -  PAUL NORONHA

Mr Upendra Kumar Sinha assumed charge as the Chairman of the Securities and Exchange Board of India on Friday. He replaces Mr C.B. Bhave, who retired after serving for three years. In his earlier avatar, Mr Sinha was the Chairman and Managing Director of UTI AMC and also the Chairman of the self-regulatory organisation, Association of Mutual Funds in India.

Before joining UTI, Mr Sinha, an IAS officer from the Bihar cadre, held the positions of Joint Secretary (Banking) and Joint Secretary (Capital Markets) in the Ministry of Finance. He has served on several committees, the most prominent being the Working Group on Foreign Investment, beside committees on liquidity management, foreign institutional investors, corporate bond market and investor protection.

Mr C.B. Bhave in his farewell speech urged colleagues to be proud of their organisation. He asked them to work as a team and put in their best.

Mr Bhave worked in the capital markets for 19 years, after having served as an IAS officer for more than a decade-and-a-half. He took the plunge as an Executive Director of the SEBI, though he was a newcomer to the capital market. He set up National Securities Depository Ltd, India's first depository, as its first Managing Director.

The quest for doing something new throughout his career saw him take a blind leap as the Chairman of the SEBI.

Mr Bhave formally handed over the charge to Mr Sinha at 10 AM on Friday at SEBI Bhavan, the regulator's head office in Mumbai.

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Published on February 18, 2011
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