C B Bhave is one of the finest technocrats in India in the capital markets space.Yet he did not get an extension as the Chief of SEBI.Outlook magazine has an explanation why:
More recently, there’s the case of the appointment of the current chief of the Securities and Exchange Board of India (SEBI), U.K. Sinha—Omita Paul (close confidante-cum-aide-cum-advisor to Pranab Mukherjee) has been accused of having cancelled an extension of the former head C.B. Bhave to accommodate Sinha, who was heading UTI Mutual Fund.
Once Sinha got the job, she is said to have delayed the appointment of the UTI MF chief to enable her brother Jitesh Khosla, a 1979 batch IAS officer, to have a shot at the post (he wasn’t even in the initial shortlist). Omita has denied any hand in this, saying Khosla had applied of his own accord. His candidature was reportedly protested by the fund’s largest shareholder, the investment firm T. Rowe Price. Khosla later withdrew from the race.
Oh the games people play !!