The government has extended UK Sinha’s tenure as chairman of Sebi by two years, two senior finance ministry officials said. After taking the job at the Securities and Exchange Board of India (Sebi) in 2011, Sinha unveiled rules to improve corporate governance and disclosure standards at companies and has been tasked with instituting a law to counter insider trading.
The government is trying to lure back retail investors after markets were hit by the global financial crisis in 2008, eroding the trust of investors who have pulled nearly $5 billion out of equity funds since then.
Last year, the government granted Sebi more powers of investigation and enforcement, including the right to see phone records and to conduct raids. “He has been doing a lot of things that will ultimately create vibrant capital markets,” said an industry executive.