The new head of India’s stock market regulator is the first person with a background in stock market regulation to be named to the position and while some experts say he is just the man for the job, others point to the significant challenges he will have to address.
On Friday evening, the government announced the appointment of Chandrasekhar Bhaskar Bhave as the new chairman of stock market regulator Securities and Exchange Board of India (Sebi) for a three-year term that begins Monday. He will replace M. Damodaran, who served as head of Unit Trust of Indiaand in several positions in the Indian Administrative Service before becoming the Sebi chief. Damodaran’s predecessor G.N. Bajpai came from the state-owned insurance firm Life Insurance Corp. of India.