Shri C.B. Bhave is the new Chairman of Securities and Exchange Board of India (SEBI)

The Government has appointed Mr C.B. Bhave as the new Chairman of Securities and Exchange Board of India (SEBI) for a period of three years from the date he assumes office upon the completion of term by Mr M. Damodaran. Mr C.B. Bhave is presently the Chairman and Managing Director of National Securities Depository Limited (NSDL).

Mr Chandrasekhar Bhaskar Bhave started his career in the Indian Administrative Service in 1975 and holds a Bachelors Degree in Electrical Engineering. Mr Bhave worked in the Securities and Exchange Board of India (SEBI) as a Senior Executive Director from 1992-96. He was in charge of the Secondary Market Department till 1995 and of the Primary Market Department thereafter. He was the Additional Industries Commissioner for State of Maharashtra (Mumbai) during 1989-1992. He has worked in Government of India as a Deputy Secretary in the Ministry of Petroleum from 1984-1989.

In view of a few proceedings initiated or under consideration by SEBI in respect of NSDL, the Central Government has advised the SEBI Board that in order to ensure objectivity in the handling/conduct of these pending proceedings, these matters be handled by a team of non-Whole Time Members of SEBI who were not party to the initiation or processing of such proceedings. Neither Mr Bhave who was heading NSDL nor the nominee of the Ministry of Finance on the SEBI Board will be involved in this special arrangement.

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