India has appointed senior finance ministry official Ajay Tyagi as the chairman of its capital markets regulator for a five-year term, the government said on Friday.

Tyagi, who is currently an additional secretary at Indian finance ministry’s economic affairs department, will succeed Upendra Kumar Sinha as the chairman of Securities and Exchange Board of India (SEBI). Sinha’s current term ends on March 1.

A member of the elite Indian Administrative Service, Tyagi, 58, has been in charge of capital markets at the department of economic affairs since 2014.

He takes the top job at SEBI a time when corporate governance issues are a priority in India.

With just over six years in office, Sinha is the second-longest serving chairman after D.R. Mehta, who held the position for seven years from 1995 to 2002.

(Source-Reuters)

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