A Government search panel is understood to have recommended UTI FM Chairman U K Sinha as the next Sebi chairman, the post which will fall vacant on February 17, when incumbent C B Bhave's term ends.
The panel has recommended his name, sources told PTI. However, no official confirmation could be obtained.
Sinha, who is also mutual fund industry body AMFI's Chairman, was considered to be a front-runner for the post right from the start.
Prior to joining UTI Mutual Fund, Sinha served as joint secretary, capital markets division, in the Finance Ministry.
He is an IAS, belonging to the Bihar Cardre. Besides Sinha, others in the race included Corporate Affairs Secretary R Bandyopadyay, Department of Disinvestment Additional Secretary S Pradhan, Madhya Pradesh Principal Secretary G P Singhal and two Managing Directors at SBI, S K Bhattacharya and R Sridharan.
Yesterday, the search panel interviewed some of those in the race to head market regulator Sebi.
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The search panel had expressed the hope that new chairman would be appointed before the post falls vacant.
"The Sebi chairman post would be vacant on February 17, 2011. Before that we would have the successor," Finance Secretary Ashok Chawla, who is part of the panel, had said.
Out of those selected for the final interview, at least two -- public sector lender SBI Chairman O P Bhatt and Reserve Bank Deputy Governor K C Chakrabarty -- expressed their unwillingness for the position, sources said.
The panel, headed by Cabinet Secretary K M Chandrasekhar, includes Financial Services Secretary R Gopalan and Department of Personnel Secretary Shantanu Consul.
Bhave took charge as Sebi chairman on February 18, 2008 for a three-year term.