The government has extended the term of SEBI chief Ajay Tyagi, which was due to end in September this year, till February 2022.

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The government had given Tyagi a six-month extension in February this year when his first three-year stint was about to end. Terms of SEBI chief are typically extended by two years, which will now be achieved when Tyagi completes the extended tenure.

Tyagi took charge of SEBI in March 2017.

When he took over, SEBI was in the midst of its merger with Forward Markets Commission and was dealing with high-profile cases such as the NSE co-location case.

During his stint, SEBI brought about several reforms such as appointing the Uday Kotak committee on corporate governance and implementing its recommendations, besides bringing about changes to mutual fund categories and acting swiftly in the Karvy case.

A soft-spoken and a media-shy person, Tyagi's biggest test perhaps came when the government said it would ask SEBI to part with its excess reserves. The decision was reportedly taken without Tyagi being consulted.

But the decision was never followed through upon after Finance Secretary SC Garg was shifted out of the Finance Ministry.

First Published:Aug 5, 2020 6:43 PM IST