Cold war over SEBI post
NORTH Block’s two most powerful offices are at loggerheads. The conflict stems from the tussle for appointment of each’s candidate as chief of the Securities Exchange Board of India (SEBI). The term of the present incumbent, CB Bhave, is ending and a high-level appointment panel, headed by Cabinet Secretary KM Chandrasekhar, has been constituted. There are several contenders for the coveted post, from State Bank of India chief OP Bhatt and National Stock Exchange chief Ravi Narayan to Finance Ministry officer KP Krishnan, who is now part of the Prime Minister’s Economic Advisory Panel. Bhave was part of P Chidambaram’s team when the latter was Finance Minister. When the change of guard took place in the Finance Ministry, the scenario altered. Though, when it came to the National Stock Exchange (NSE), the old coterie was controlling it through MD and CEO Ravi Narain and Pranabda could do little as NSE is a private body. Now the race is on to grab the SEBI chief’s post. A top official in South Block who belongs to the old school and is a Ravi Narain patron has also joined the cold war. Watch this space......readmore
NORTH Block’s two most powerful offices are at loggerheads. The conflict stems from the tussle for appointment of each’s candidate as chief of the Securities Exchange Board of India (SEBI). The term of the present incumbent, CB Bhave, is ending and a high-level appointment panel, headed by Cabinet Secretary KM Chandrasekhar, has been constituted. There are several contenders for the coveted post, from State Bank of India chief OP Bhatt and National Stock Exchange chief Ravi Narayan to Finance Ministry officer KP Krishnan, who is now part of the Prime Minister’s Economic Advisory Panel. Bhave was part of P Chidambaram’s team when the latter was Finance Minister. When the change of guard took place in the Finance Ministry, the scenario altered. Though, when it came to the National Stock Exchange (NSE), the old coterie was controlling it through MD and CEO Ravi Narain and Pranabda could do little as NSE is a private body. Now the race is on to grab the SEBI chief’s post. A top official in South Block who belongs to the old school and is a Ravi Narain patron has also joined the cold war. Watch this space......readmore
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