Frontrunners emerge in race for new SEBI chief

Ajay Tyagi, Additional Secretary for Economic Affairs in the Finance Ministry, and PK Pujari, the Power Secretary, are the frontrunners to take over as the head of the Securities and Exchange Board of India.CNBC-TV18's Sapna Das reports that a selection panel has drawn up a shortlist of candidates to replace UK Sinha as chief of the country's market regulator. Sinha's term is set to end on March 1.The panel had initially recommended eight candidates last month, which will be further narrowed to three candidates. The current labour secretary is also said to be in the running.The search panel is expected to hold another round of interactions with the candidates, before taking a final call in the next two weeks.Tyagi, a 1984-batch IAS officer of the Himachal Pradesh cadre, has been handing the capital markets division in the economic affairs department since 2014.