Prior to this assignment, he held the position of chief general manager in Reserve Bank of India and was heading the department of banking operations and development. During his stint in the RBI, he has had a wide experience in regulatory and other functions.
The Sahara's is a high-profile refund case involving an estimated Rs 24,000 crore (Rs 240-billion) payment to over three crore (thirty million) investors.
In September this year, Sebi had proposed to bar investment advisers from acting as agents for promoting financial products.
The meeting was attended by Sebi executive director Usha Narayanan, Sebi wholetime member Prashant Saran and Reserve Bank chief general manager foreign exchange department Salim Gangadaran among others.
"There has not been much emphasis on ethics (among market participants) as there should have been," Sebi whole- time member, Prashant Saran, said at a Ficci-IBA seminar in Mumbai.
Finding "serious irregularities" in the functioning of Delhi Stock Exchange, Sebi on Wednesday withdrew the recognition granted to the bourse.
Sebi Chairman U K Sinha has often chastised listed companies for not having enough women on their boards.
Sahara group has been engaged in a long-running regulatory and legal battle with Sebi.
The promoters, instead, raised it to 63.15 per cent, while reporting they'd brought it down to 28.6 per cent.
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.
Jaitley assured that both the banking system and the government will make the resources available to them.
Busting a major 'front running' case in the stock market, Sebi on Friday ordered impounding of unlawful gains worth nearly Rs 15 crore (Rs 150 million) from brokerage firm Sharekhan and 15 other entities.
Amount more than twice the size of Sahara's; collective investment scheme operator has 3 months to return money and wind up.
The markets regulator made it easier for banks to acquire control in listed companies.
Sebi also ordered freezing the voting rights and corporate benefits of promoters of these companies.
The regulator is unhappy with the exchange in the market crash case that occurred in 2012.
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