C B Bhave appointed new SEBI chief

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New Delhi, Feb 14 (UNI) Mr Chandrasekhar Bhaskar Bhave will be the next Chairman of the Securities and Exchange Board of India (SEBI).

Mr Bhave presently heads the country's leading depository, National Securities Depository (NSDL).

Mr Bhave succeeds M Damodaran, whose three-year term in office ends tomorrow, an official statement said here today.

Mr Damodaran has the enviable track record of heading two powerful yet troubled financial institutions - UTI and IDBI, before he came to his present position. Known for his frank and forthright views Mr Damodaran carried out major capital market reforms. Mr Bhave is a former civil servant and one of the first Senior Executive Directors to come on SEBI's board.

A 1975 batch IAS officer, Bhave has worked as Maharashtra's Additional Industries Commissioner between 1989 and 1992 and was Deputy Secretary in the Union Petroleum Ministry where he was instrumental in formulating the policy for offering offshore blocks to foreign oil companies.

UNI SR MP RS1945

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