New Delhi: The Supreme Court on Tuesday dismissed the plea challenging the 12-month extension granted to U.K. Sinha as the chairman of Securities and Exchange Board of India (SEBI).
Sinha has already completed a five-year term but was given extension for a year earlier in February.
In the plea, the petitioner had argued that Sinha’s name did not figure in the shortlist for the chairman’s position.
The PIL alleged that the extension of Sinha’s appointment from February 18, 2016 to March 1, 2017 was illegal and in violation of the SEBI (terms and conditions of service of chairman and members) Rules, 1992.
It also alleged that Sinha, 64, was beyond the age limit prescribed for the appointment, which was 60 years old under a notification passed by the Ministry of Finance on August 24 last year.
Sinha took charge of the SEBI in 2011 for a three-year term. Subsequently, he was granted an extension for two years.