New Delhi: The government has appointed two new members on the board of capital market regulator the Securities and Exchange Board of India (Sebi), from the ministries of corporate affairs and finance.
Two separate orders showed that Rajesh Verma, secretary in the ministry of corporate affairs and Ajay Seth, secretary in the department of economic affairs in the finance ministry have been appointed on the board of Sebi. They will join Sebi in place of the other members from these ministries appointed earlier. The orders were issued late on Tuesday.
The government had recently appointed Madhabi Puri Buch as the chairperson of Sebi succeeding Ajay Tyagi, whose five-year term ended last month. The change of guard in the capital market regulator comes at a time markets are witnessing sharp volatility in the wake of geopolitical developments around the East Europe crisis.
The ministry of corporate affairs is responsible for the overall corporate governance norms and Companies Act-related compliance of businesses, while Sebi handles the specific regulatory requirements applicable to listed entities. Listed entities have additional compliance and reporting requirements in addition to what is applicable to an unlisted public limited company. The department of economic affairs plays a key role in making policies related to capital markets and related institutions.
