Sebi gets new chief, Damodaran makes his exit

New Delhi: Market regulator Sebi has a new chief from Monday.

C B Bhave will be taking over from outgoing SEBI chief M Damodaran.

Bhave earlier built and led India's largest depository NSDL.

The government has made it clear that Bhave would be spared from being a part of proceeding issues against NSDL by the market regulator.

Bhave will need to take tough decisions in the coming months amidst market volatility.

Under Damodaran’s leadership, Sebi’s reforms had included tightening of mutual funds and IPO norms, and had come up with guidelines on real estate investment trusts. Sebi had also introduced shortselling and stock lending for short term gains.

With inputs from PTI