The government has invited applications for the chairperson position of market regulator Securities and Exchange Board of India (Sebi). The tenure of the current chair Ajay Tyagi ends on February 28, 2022.

       “Applications are invited from the eligible candidates for filling up the post of chairman in Securities and Exchange Board of lndia (Sebi). The Chairman shall have an option to receive pay (a) as admissible to a secretary to the Government of lndia; or (b) a consolidated salary of Rs 4,50,000 per month as recommended by the Seventh Pay Commission and subsequently accepted by the Government vide Resolution dated 25th July 2016,”the Ministry of Finance has said in a notification dated October 28.

       “The chairman shall hold office for such a period not exceeding 5 years and shall not hold office beyond 65 years of age, whichever is earlier, and will be eligible for re-appointment,” the notification further said.

       In February 2020, Tyagi, now 63, was given a six-month extension. Later in August 2020, the government had granted an 18-month extension amid the outbreak of the covid-19 pandemic.

       People in the know said Tyagi is also eligible for a further extension, however, the government would also scan other candidates.

       Tyagi took over as Sebi chief in 2017 for a three-year term.

       Tyagi’s predecessor UK Sinha, who too was initially appointed for a three-year term, too was given multiple extensions. He remained at the helm for six years from 2011 to 2017.