New Delhi: The government has appointed two new members from the ministries of corporate affairs and finance to the board of capital markets regulator Securities and Exchange Board of India (SEBI).
Two separate orders revealed that Rajesh Verma, secretary in the ministry of corporate affairs and Ajay Seth, secretary in the department of economic affairs in the finance ministry, have been appointed to the board of SEBI. They will join SEBI in place of other members of these ministries appointed earlier. The orders were issued late Tuesday evening.
The government recently appointed Madhabi Puri Buch as the chairman of SEBI in place of Ajay Tyagi, whose five-year term ended last month. The change in capital markets regulator comes at a time when markets are witnessing sharp volatility in the wake of geopolitical developments around the Eastern Europe crisis.
The Ministry of Corporate Affairs is responsible for compliance with the overall corporate governance norms and businesses related to the Companies Act, while SEBI handles the specific regulatory requirements applicable to listed entities. Listed entities have additional compliance and reporting requirements in addition to those that apply to an unlisted public limited company. The Department of Economic Affairs plays an important role in making policies related to capital markets and related institutions.
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