Sinha will take over on February 17 next year when incumbent C B Bhave's term ends
A 1976 batch IAS officer of the Bihar cadre, Sinha replaces C B Bhave who retires on February 17, 2011.
All board members and staff of the Securities and Exchange Board of India (Sebi) will be required to declare their assets, liabilities, trading activities, and relevant relationships at multiple stages - at the time of appointment, annually, upon key events, and at exit. This is part of a series of recommendations by a high-level committee constituted by the markets regulator in a bid to overhaul conflict-of-interest and disclosure rules.
Regulator proposes mutual fund model for infrastructure debt funds.
The Supreme Court has dismissed many petitions in the past but rarely has the country's apex court accused the petitioners of being "stool pigeons" of powerful corporate lobbies.
U K Sinha, new Sebi chairman had, in an interaction with its MF division, made his view clear on the need for some moves to spur overall development for the sector, persons familiar with the development said.
A bench of justices S S Nijjar and P C Ghose dismissed a public interest litigation challenging the appointment of Sinha, observing that the petition was not maintainable on various grounds but it had decided to hear it as the appointment to a very senior position was challenged.
Pitching for greater transparency in rule-making and other functions of regulators, Finance Minister Arun Jaitley has asked Sebi to work towards attracting more retail investors to the capital markets.
The government on Monday appointed former Sebi member Madhabi Puri Buch as chairperson of the Securities and Exchange Board of India.
Sinha replaces former Sebi chairman C B Bhave who served as the head of the Asia-Pacific regional committee of IOSCO from June 2009 till February this year.
The eight-member committee under Sinha will also examine the factors affecting the timely and adequate availability of finance to the sector.
According to analysts, 11 PSUs, including Rashtriya Chemicals and Fertilizers and State Bank of Mysore, have government holding beyond the 90 per cent mark and the government will have to bring it down.
He is targeted because he is gone against corportates, says G E Vahanvati.
The decision to quiz Sinha, as also former Sebi Chairman M Damodaran, was taken after examination of another former Sebi chief C B Bhave earlier this month, during which the agency sleuths were told that public interest was involved in grant of licence to MCX-SX to trade in currency derivatives.
Under U K Sinha, Sebi became a pan-India organisation with local offices in 16 cities
The second-longest serving chairman introduced quite a few measures for the primary market and implemented a new corporate governance framework.
The government is seriously considering strengthening of laws to regulate all kind of collective investment schemes.
Sebi was also working on issues like the role of independent directors for board-level corporate governance, related party transactions and methodology for fixing of compensation of top personnel of companies.
The court passed the order on a PIL filed by one Arun Kumar Aggarwal seeking quashing of Sinha's appointment.
The education would help investors in protecting them from volatility in the equity market and also reduce volatility in individual stocks.
Sinha said the market volatility is due to global developments.
Measures announced by Sebi will stimulate financial savings among households.
The chairman said if companies want to raise money, they should follow rules of the game.
While the regulator has set up a group to look into trade annulment framework, it is also probing whether there was any breach of regulation at the broker or exchange level.
Sinha recalled how Sebi started functioning as an independent regulator in 1988, when its first Chairman S A Dave picked up six officers from IDBI and began functioning from IDBI's office itself.
Apart from consent orders, it has been decided to take fast and stringent action in surveillance and investigative cases in the coming months.
Due to present loopholes in the legislations, it is difficult for the regulator to curb dubious investment projects.
The current Chairman UK Sinha's term comes to an end in February next year.
Last month, the Sahara Group challenged a Supreme Court order which had asked it to refund Rs 24,000 crore (Rs 240 billion) to around three crore (30 million) investors, to a larger bench.
The latest request has been made by Sebi chairman U K Sinha after his predecessor C B Bhave failed at least twice in his attempts to secure an authorisation for Sebi to tap phone for its surveillance and investigative actions.
Market regulator Sebi on Friday said it is yet to receive "all papers" in the high profile Sahara case where the Supreme Court has directed two group companies to refund money to bond holders.
Expressing concerns over a fast-growing grey market in the financial sector, Sebi chief U K Sinha called for a single watchdog to regulate all entities collecting public money under various illegal means.
Sebi has directed promoters of all listed private sector companies to ensure they comply with minimum public holding of 25 per cent by June 2013.
Sebi Chairman U K Sinha has often chastised listed companies for not having enough women on their boards.
As per norms these companies should have minimum public float of 10 per cent by August.
Move to make board accountable for performance appraisal.
Petition was filed by former IAF chief S Krishnaswamy and retired IPS officer Julio Ribeiro.
The Sebi chief said the exchange board has taken a number of measures in recent past.
Sebi chief U K Sinha questioned the credibility and feasibility of Shara's refund claims.
U K Sinha's six-year tenure as chairman of Securities and Exchange Board of India ends later this week. Sinha held his last press conference in Mumbai on Monday, where he spoke on wide-ranging issues and his biggest regret.
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