It’s a comeback any professional would dream of. Less than two years after he was demoted to managing director of Life Insurance Corporation (LIC) following charges of financial irregularities, something that eventually prompted him to take voluntary retirement in November 2012, T S Vijayan was appointed chairman of the Insurance Regulatory and Development Authority (Irda), the country’s insurance regulator.
An Irda statement said Vijayan had taken charge with immediate effect.
Vijayan, 60, who succeeds J Hari Narayan who completed his term yesterday, would get a five-year term. The Irda chief’s tenure is for five years or till the age of 65.
This is probably the first time a financial sector professional would head the regulatory body of the same sector.
Earlier, Vijayan was under the scanner of the Central Bureau of Investigation (CBI) for about two years. However, he was exonerated after the agency didn’t find any wrongdoing.
After his five-year term as chairman of LIC expired, he was denied an extension on the ground an internal panel of the finance ministry had unearthed procedural lapses in investments by LIC.
Later, the case was shifted to the Central Vigilance