The Central Government has announced C.B. Bhave as the new Chairman of the Securities and Exchange Board of India (SEBI) since the term of the existing chairman M. Damodaran is completing on February 17.
According to PIB release, Bhave, who is currently working as the Chairman & Managing Director of National Securities Depository Limited (NSDL) will serve the post for the next three years from the date he assumes SEBI office.
In view of few proceedings initiated or under consideration by SEBI in respect of NSDL, Bhave has been requested to be recused from these proceedings and to put in place a mechanism to oversee the conduct of said procedures.
The Central government in response has asked the SEBI board to form a team of non-Whole time members of SEBI or who were not members of the initiation of processing of those pending jobs.
The SEBI has to form a three member team in which neither Bhave as the head of NSDL nor the nominee of the Ministry of Finance on the SEBI Board will be engaged in this special arrangement. The team too will be assisted by a prominent legal adviser to facilitate its proceedings.
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