UK Sinha is new SEBI chairman
U K Sinha, chairman of the Association of Mutual Funds in India, has been named the new chairman of the Securities and Exchange Board of India.Sinha will take over on February 17 next year when incumbent C B Bhave's term ends.
Bhave took charge as Sebi chairman on February 18, 2008 on a three-year term. However, the terms of chairman and whole-time directors at Sebi have been increased to five years since then. Similarly, the terms of RBI and insurance watchdog IRDA's chiefs have also been increased to five years.
Sinha, a former IAS officer of Bihar cadre (1976 batch), had lost out in the race the last time when the Prime Minister's Office preferred Bhave over him.
According to media reports, Sinha quit IAS when he was holding the rank of an Additional Secretary to the Government of India and continuing on deputation with UTI.
But after quitting civil service, he was given another five-year term as CMD, not as a government nominee, but as the choice of the stakeholders of UTI AMC. State Bank of India (SBI), Bank of Baroda (BOB), Life Insurance Corporation Corpn. and Punjab National Bank (PNB) are the promoters of UTI AMC.
Sinha earlier held key positions in the Government of India, notably in the Ministry of Finance, where he was the Joint Secretary, looking after capital markets, external commercial borrowings, banking and currency and coins.
During his tenure at the ministry, he spearheaded several initiatives, such as banking and capital market reforms.
23 comments:
A Fresh Lease of Life for the IFAs and Distributors !! ?? !!
From AMFI to SEBI... Lets hope and pray that he understands our issues much better than Mr.Bharve.
Ramesh A, Kochi.
Hopefully this will provide the much needed fillup in this lagging industry through proper revenue for the IFA (who is a distributor and an educater to the investor)where the mf reach throughout the country is very poor and sadly enough the level of investor awareness and education is very poor.The industry can ONLY GROW if THE SERVICE PROVIDER is properly compensated for his/her efforts.In any industry there are a few rotten eggs. That does not mean we destroy ALL THE EGGS. This is what has happened in the regime with MR. Bhave as the chief.
Somebody told Mr. Bhave is going become IFA alongwith Mr. Vaidhyanathan. It is fact
Industry and Intermediaries views & sentiments along with the Credentials of Mr.Sinha must have helped in getting this important, coveted and a force-to-reckon with position.
Lets all be realistic and hope that while Mr.Sinha might not completely undo what Mt.Bhave has done for IFA COMMUNITY is concerned ,he can be expected to be sensitive to the welfare of IFA Community in giving a fair treatment for the efforts being put in to make the investors more empowered!
Best Wishes to Mr.Sinha and his Team@SEBI
SrinivasanTS-CFP
WealMan Associates
Bangalore
Hope Mr.Sinha will understands the needs of an Mutual Fund distributes, working with out a remuneration
J. IRSHAD AHMED , VANIYAMBADI
Good News - U.K. Sinha to become SEBI Chairman. He may initiate to remunerate the IFA Community by lifting the ban on entry load. Lets hope and pray for that.
J. Irshad Ahmed
hope, he will revive mf industry,which is in doldrum.some positive steps are expected to bring back retail client.who is far away from market.In India no produc is get sold without intermediarry.Mutual Fund is prouduct which is to be sold ,not buy by indians.financial literacy is low level in present situation.Mr. Sinha will apply mind to revitalize the overall MF Business. Chandrashekhar Kulkarni ARN-15259 Nashik
Now at least worse will not happen for Mutual fund.
A new lease of life for the distributor community
mr sinha heads the erstwhile uti which does the most business from the IFA community
hope he keeps us in mind oour whole hearted support to the new chief
alex pinto thane
A well known person of MF Indusrty Good & bads,better than Mr.Bhave.So let us hope the better future for MF industry, Distributors & specially for IFA's!!!?
Suryanarayana G
M/s Secure Money, Hyderabad
As a Chairman of UTI AMC, Mr Sinha, was the only person who opposed the no entry load in public.
We Can expect much from him
What difference it makes if it is SINHA
Mr.Sinha or Mr.Bhave, it will not make much difference . Already the ministry has decided to offer better product to consumers with transparencey in cost. That we have to accept, there is no other go. My opinion only thing left with us is to improve professional quality and migrate to fee based model....
Let us hope for the best that Mr.Sinha will give new life for IFA community and MF industry.
WELCOME SINHAJI. IFA KE SAATH HONGE? YA SAAMNE BAITENGE AAP?
JI DHEKIYA HUM BI JINA CHAHTHE HAI.
Rays of hope for IFAs
EVERY ifa IS HAPPY ABOUT HIS APPOINTMENT AS SEBI CHAIRMAN. HE IS THE ONLY BEURACRAT WHO SIDED IFAS DURING THE TOUGH PERIOD PRIOR TO AUGUST 2009. BAD PERIOD DUE TO INAUSPECIOUS LUNAR CYCLE IS ENDING. LET FEBRUARY 2011 BRIGHTEN THE LIFE OF ALL IFAs
Welcome to Sinha. Good news for all IFAs.
v.srinivasan. ARN-0668
Mr.Sinha can defenitely understand the role of IFAs much much better, as he was in other side of the court till recently. I ernestly wish that he will not follow the foot steps of Mr.Bhave, and undo all quixotic decissions taken by Mr.Bhave Team. First scrap the mindless imposition of KYC on small investors. This would be the proverbial last straw that will break camel's back ! The PAN is issued after submitting Address/ Identity proofs. There is no sense in asking the same again for compliance of KYC. Mr Bhave's term can be termed as the Blackest days for the stock market/MFs/Insurance industries. Biggest scams/ harrasments have taken place during his term. He tried to destroy these great and time tested institutions. Now he is going, it is a big relief to the Finance market.!!
All the best 2 Mr.Sinha & his team. We have already started charging the customers for the Advice & Service. Lets continue that. For details on Certified Financial Planner (CFP) / Fellow Chartered Financial Practitioner (FChFP) course please do call me @ 9840846029---Veera
All the best 2 Mr.Sinha & his team. We have already started charging the customers for the Advice & Service. Lets continue that. For details on Certified Financial Planner (CFP) / Fellow Chartered Financial Practitioner (FChFP) course please do call me @ 9840846029---Veera
It is a matter of fact, but let see !!!!!!!!!!!!!!
Manish, Ranchi
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