02 July 2009

SEBI - industry representation in SEBI

In a welcome change, SEBI has appointed someone from the market as an executive director. See SEBI Press Release here:

"Shri K.N. Vaidyanathan takes charge as Executive Director, SEBI

Shri Kavasseri Narayanan Vaidyanathan took charge as Executive Director, Securities and Exchange Board of India in Mumbai today. Prior to this assignment, he was Chief Executive Officer (CEO) in Alchemy Capital Management Pvt. Ltd.

An MBA from Indian Institute of Management, Ahmedabad, Shri Vaidyanathan has held senior positions in MphasiS, Morgan Stanley Asset Management and HSBC.

Shri Vaidyanathan has also been a member of various committees including SEBI Committee on Guidelines for Investing Abroad, SEBI Committee on Depository Implementation, among others. He is also a Member of Finance Board at IIM, Ahmedabad.

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July 01, 2009"

To the best of my knowledge this is only the second time in its history of two decades that it has taken someone from the private sector laterally as a senior officer. I was the first person in 2006. The only person at the Board level (at an executive position) who came from the non public sector (IIMs are legally private but factually public sector) was Prof. J. R. Varma. Curiously, all three of us share an IIM, Ahmedabad connection.

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