Prime Minister Manmohan Singh has given a go ahead for the appointment of U K Sinha as the new Chairman for Securities & Exchange Board of India SEBI. U K Sinha who is presently the Unit Trust of India Asset Management Company’s (UTI AMC) Chairman and Managing Director will be replacing the present SEBI Chairman C B Bhave, whose three-year tenure comes to an end next month.

Although there is no clear picture concerning the tenure, whether three years or five years of Sinha’s appointment but sources indicate that his appointment would be indicated by the coming week. Mr SEBI was set up as a regulatory agency via a law set in 1992. Sinha who is a former IAS officer and has held a position as joint secretary in the finance ministry would take over as the sixth chairman and his decade old association has been with the capital markets sector and recently with UTI.

Sinha is known for his contributions in straightening the investment sector, post-2001 stock scam and played a crucial role in reviving UTI in the aftermath of its faulty investment resolutions and failure to stand by its schemes. During the crisis, at one time, the government divided UTI into two different functioning bodies focusing on the Assured Return Schemes and Asset Management Company, individually. Mr. Sinha’s role at SEBI would be centered based on his past involvement in developing guidelines for bond market.