Fin sector to see change of guard

WINDS OF CHANGE

- BENN KOCHUVEEDAN @ Mumbai

With the top four regulatory positions going to fall vacant between early December and mid-March 2025, the regulatory landscape of the country's financial sector is set for a major shake-up, unless the government chooses to retain the incumbent heads of the RBI, Sebi and Irdai.

Two of the most important positions falling vacant are at the Reserve Bank with the Governor Shaktikanta Das's six-year term ending on December 12 and his senior-most deputy Michael Debabrata Patra's second extension coming to an end on January 20.

The other key positions falling vacant are that of the chairpersons of the markets watchdog Sebi's controversy-ridden Madhabi Puri Buch's three-year term ending on March 2, and that of the Irdai chair Debasish Panda's similar tenor ending on March 14.

Of the four, one role that's set for change is that of Patra as the government on November 4 invited applications for his replacement after his two one-year extensions, which is ending on January 20.

RBI Governor Das

The seasoned bureaucrat Shaktikanta Das took office as the 25th Governor of the Reserve Bank on December 12, 2018, after the abrupt resignation of Urjit Patel on December 10 following a protracted public spat with the government on the questions of central bank's autonomy and a slew of other operational issues.

Das assumed the corner office of the Mint Road at a time when the relationship between the central bank and the government was at its nadir, which finally ended with the resignation of Urjit Patel mid-term and was soon followed by the mid-way leaving of his illustrious deputy Viral Acharya a few months later.