Circumspect Bhave gets the sack from SEBI
SADLY, SEBI chief Chandrasekhar Bhaskar Bhave has had to go as the government did not think it fit to extend his term. His successor is UK Sinha, a former IAS officer of the 1976 batch and the Bihar cadre. Bhave had taken tough decisions in the past six months. SEBI imposed a fine of Rs 50 crore on Anil Ambani-owned R-infra and RNRL and banned them from investing in the secondary market of listed securities until December 2012. An order was also passed to restrain Anil Ambani and four other executives of his companies from investing in the secondary market (including stock markets) until December 2011. It was the first time such a fine was imposed on Anil Ambani. Bhave also dared to seek the veracity of Sahara India Real Estate Corporation and Sahara Housing Investment Corporation’s Rs 20,000-crore Optionally Fully Convertible Debentures (OFCDs). One lobby in North Block was fairly sure that, in an era of extensions, Bhave’s term would be extended. Another lobby was furious at his actions. Ultimately, the writ of Pranabda prevailed. But Sinha has to pass a tough test as SEBI is surrounded by sharks.
SADLY, SEBI chief Chandrasekhar Bhaskar Bhave has had to go as the government did not think it fit to extend his term. His successor is UK Sinha, a former IAS officer of the 1976 batch and the Bihar cadre. Bhave had taken tough decisions in the past six months. SEBI imposed a fine of Rs 50 crore on Anil Ambani-owned R-infra and RNRL and banned them from investing in the secondary market of listed securities until December 2012. An order was also passed to restrain Anil Ambani and four other executives of his companies from investing in the secondary market (including stock markets) until December 2011. It was the first time such a fine was imposed on Anil Ambani. Bhave also dared to seek the veracity of Sahara India Real Estate Corporation and Sahara Housing Investment Corporation’s Rs 20,000-crore Optionally Fully Convertible Debentures (OFCDs). One lobby in North Block was fairly sure that, in an era of extensions, Bhave’s term would be extended. Another lobby was furious at his actions. Ultimately, the writ of Pranabda prevailed. But Sinha has to pass a tough test as SEBI is surrounded by sharks.
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