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Bajpai takes charge as SEBI chief

Ghyanendra Nath Bajpai on Wednesday assumed charge as the new chief of India's capital market watchdog, replacing Devendra Raj Mehta, the fourth chairman of the Securities and Exchange Board of India.

"I feel a great sense of responsibility. It's a very significant position and very relevant for the economy," Bajpai told reporters soon after taking office.

Bajpai, who relinquishes his post as head of the state-run behemoth, Life Insurance Corporation, said the biggest challenge will be to lure retail investors back to the stock markets. Bajpai said the government should support SEBI by reforming gamut of rules to protect the interest of the stakeholders in the capital market.

Sixty-year-old Bajpai joined the Life Insurance Corporation of India in 1964, serving the organisation at various levels before becoming chairman two years ago.

A keen golfer and voracious reader, Bajpai is married with three daughters.

Outgoing chairman Mehta said Bajpai was an ideal successor.

"Bajpai is known to me as a person who is quiet but firm. My feeling is that he will be a great a success," Mehta said.

Asked about his new role as market regulator, Bajpai told reporters: "Earlier (as LIC chairman) the government was the owner but now my relationship with the Centre would be in the capacity of an independent regulator."

As a regulator, he would have to balance the interest of investors, corporates, government and law makers, he added.

Asked about the immediate priorities, he said, "every issue would have to be looked at objectively."

(With additional inputs from PTI)

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