SEBI to appoint UK Sinha as next chairman

The Securities and Exchange Board of India (SEBI) is expected to appoint prominent financier UK Sinha as chairman after the prime minister's office cleared his appointment earlier this week, according to a media report.

Sinha, who is currently the chairman and managing director of Unit Trust of India asset management company and heads the Association of Mutual Funds in India (AMFI), will replace CB Bhave whose three year term ends on February 17, 2011, according to sources quoted by the newspaper.

The new SEBI chairman is expected to get a five-year term, unlike his predecessors, after the rules were changed last year.

In 2010, the finance minister had appointed Sinha to head an advisory committee on foreign investment.

SEBI officials could not be immediately reached for a comment by Reuters.