Appointment and disappointment

The fear that securities market would face disruption if the Sebi chairman was changed is to make the fundamental mistake of believing that a regulatory organisation begins and ends with the chairman

The suspense is over. Ajay Tyagi’s term of office as Sebi chairman has been extended by 18 months.

Nothing of what has been stated in the succeeding paragraphs is a comment on his suitability or track record. The present extension order is only a peg on which to hang some thoughts that should ideally inform the selection process for positions of this kind.

There is an element of poetic justice in the extension of his term. When he was selected for appointment as Sebi chairman, it was decided to give him a five-year term. However, when his appointment order was issued, the