Unassuming is the word to define Ajay Tyagi, the newly appointment Chairman of the country’s capital and commodities market regulator — Securities and Exchange Board of India (SEBI). Tyagi, who will take over as the ninth Chairman from next month, is known for keeping a low profile but considered to be one of the most efficient bureaucrats in the North Block.
Tyagi’s appointment comes a day before a board meeting of the market regulator in Delhi, and just days after the Union Budget, which outlined proposals for the capital market in the next fiscal, including the integration of the securities and commodities derivatives market.
An officer of the Indian Administrative Service, 1984 batch from the Himachal Pradesh Cadre, Tyagi (58) will be taking over from current incumbent UK Sinha.
He has worked as Additional Secretary in charge of the capital markets division since October 2014, which is seen by many as an ideal pre-cursor to the SEBI top job.
During his term, Tyagi has overseen various developments including the merger of the former Forward Market Commission with SEBI. As Additional Secretary, he also interacted with international economists and analysts as well as global rating agencies, and was also responsible for the working of the Financial Sector and Development Council and the Financial Action Task Force.
Tyagi has spent a considerable part of his career posted in Shimla where he gained significant experience in the power sector and was posted as Joint Secretary, State Finance Commission.
At the Centre, he was posted as Deputy Secretary in the Ministry of Rural Development and later as Joint Secretary in the Ministry of Petroleum and Natural Gas as well as in the Ministry of Environment and Forest.