Sebi's whole-time member Prashant Saran demits office

Capital markets regulator Sebi's Whole Time Member Prashant Saran today demitted office after a seven-year tenure, during which he contributed significantly in framing some major norms including on corporate governance, minimum public shareholding and primary market reforms.

Saran, who demitted office on attainment of 65 years of age today, passed a number of high-profile orders including those on the Pearl Group case and an order against more than 100 companies just a day after they failed to meet 25 per cent minimum public shareholding within the given timeline.

He was overseeing some key units at Sebi including its Corporation Finance Department, Investigations Department, Special Enforcement Cell, Office of Investor Assistance and Education, Department of Economic and Policy Analysis and Human Resources Development Division.

On his last day in office, Saran was given a farewell by the Sebi officials, during which Chairman UK Sinha and his colleagues thanked him for his significant contribution.

Saran has been with Sebi as its Whole Time Member since 2009 and had served as Chief General Manager at RBI before joining the capital markets regulator.

At Sebi, he has also been known for his contribution in areas like primary market reforms, investor education and in improving the investor grievance redressal mechanism.

Sebi is now left with Whole Time Members -- S Raman and Rajeev Agarwal -- while the process is currently underway for appointment of the third Whole Time Member in place of Saran.