U K Sinha gets two-year extension as Sebi chief

Sebi chairman U K Sinha has got a two-year extension till 2016 to continue at the top job as Finance Ministry has issued a notification to this effect.

"The notification for Sebi chairman's extension has been sent to Sebi late last night," a senior Finance Ministry official said.

The extension will be with effect from February 18 this year till 2016. Under the stewardship of Sinha, who has been at the helm at Sebi for almost three years, key reform measures were initiated in the capital market.

These include stringent disclosure norms, strict regulations for merchant bankers and the introduction of a new category of foreign investors.

Mr Sinha's three predecessors -- CB Bhave, M Damodaran and G N Bajpai -- had three-year term. Only D R Mehta had served as Sebi chairman for the longest duration from 1995 to 2002.