Meanwhile, the race for the SEBI chairman’s job, which falls vacant in February, is picking pace. Earlier, a media report named State Bank of India chairman, OP Bhatt, as being in the race for the market watchdog’s job. Some say that Usha Thorat, the RBI deputy governor, who demits office in November, is also in the race. But others are sceptical that Ms Thorat would get a chance to break that glass ceiling, since she has apparently upset the powers-that-be at Delhi.
Another name on the list, who was pipped to the post by CB Bhave last time, is also in the race. It is UK Sinha, chairman of the UTI Mutual Fund (UTIMF). Mr Sinha, however, will have to sacrifice a fat pay packet and perks if he gets the SEBI job. Had he become the chairman in February 2008, the power of the post may have scored over the pay and perks at UTIMF. It remains to be seen if he ends up in a position where he has to make a choice. Another candidate in the race is R Bandyopadhyay, secretary, ministry of corporate affairs. Incidentally, Ms Thorat and Mr Bandyopadhyay, have been directors of SEBI, while UK Sinha has been closely associated with the market regulator during his stint as joint secretary (capital markets) in the finance ministry at the Centre. — Sucheta Dalal