The outgoing president of Securities and Exchange Board of India Ajay Tyagi left the conference room in Sebi Bhavan one last time before returning to Delhi, without regret after a five-year nursery at the helm.
Tyagi gave an impression of a man who was happy with his cessation of 38 years in civilian services has achieved his end once the government has decided not to prolong its stay at the most powerful work of the Indian capital market. at three years. The role of Madhabi Puri Buch, former director of SEBI and a sebi banker and a banker around the world.
Tyagi leaves the third longest head of SEBI since the existence of the institution 34 years ago and a mandate that has supervised one of the largest financial crises in the Indian economy as a result of The collapse of IL & FS and the Covid-19 pandemic.
Tyagi also supervised the increase in discount news brokers, two of the hottest primary markets in India in 2017 and 2021, lists of start-up unicorns in the country and an increase in the participation of retail investors.
His staff expressed a hue of regret to see the man, who has captured the ship for a long time, exit, given how much they have estimated. “He was certainly one of the easiest to work in my time here. It allowed you to make your place to do your thing, “said a person working closely with Tyagi in his time in Sebi.
Others expressed a feeling similar to a “gentleman”, which took several difficult diaries during his time at the helm. Tyagi said it was particularly satisfied with Sebi’s response to the Pandemic of Covid-19 and the crisis that the post 2018 debt mutual funds.
Fiasco around several fixed maturity plan regimes of mutual funds disseminating from the right time redemption and the collapse of Franklin Templeton’s credit risk funds in the midst of Tyagi’s mandate.
SEBI has introduced several measures that have strengthened aspects of investor protection in debt fund regimes, including limiting the exhibition of the sectoral group and companies and the delivery of minimum liquidity in debt portfolios.
One of the few Tyagi regrets may have had its efforts to make the Indian corporate bond market as strong as those of developed markets do not fully bear fruit in its mandate, but many consider that the Measures taken by it in this area must be greater than the sum of its predecessors.
Tyagi also defended the cause of improving retail investor protections, whose participation explained the last two years of his presidency.
However, the jury is still on how certain measures taken by the regulator included people aimed at protecting retail investors from market hazards through initial margins in the cash sector as recent data indicate An increase in the participation of these investors in more risky products such as equity options.
That said, the closing penalties of Tyagi in Sebi’s chapter will definitely be filled with sadness and controversy given the hullaballoo around the mismanagement of companies at the country’s largest national scholarship scholarship and DIY of the regulator. A mandating rule of separating the role of the president and management and CEO of listed companies.
The mystery around the third entity that guided the former Managing Director of NSE Chitra Ramakrishna and the flagrant violation of the processes of the appointment of the former Chief of Operations Anand Subramanne shook the credibility of Indian financial markets.
Many include the Ministry of Finance questioned the role of the regulator in the case of the allegations that the Criminal actions of SEBI against NSE and its leaders in the case of the roommate were “soft”.