The union government reduced the term of Ajay Tyagi, Chairman-designate of the Securities and Exchange Board of India, by two years.
An officer of the Indian Administrative Service of the 1984 batch from the Himachal Pradesh cadre, Tyagi, 58 will be taking over from current incumbent UK Sinha, whose term comes to an end on March 1.
Tyagi, who will take over as SEBI chief in March 2017, will now have a term of three years, and will be eligible for an extension.
Earlier Appointments Committee of the Cabinet had appointed Tyagi as SEBI chief, for a period not exceeding five years or till the age of 65 years.