Mumbai: M Damodaran yesterday took charge as the chairman of the Securities and Exchange Board of India, (SEBI). Damodaran who was earlier the chairman and managing director of IDBI has been appointed for a three-year term at SEBI.
He replaced G N Bajpai, who has retired on the completion of his three-year term yesterday.
Addressing a press conference, Damodaran said punishments for mischief-makers in the market would be "swift and heavy."
"We will proactively quell mischief makers. The key is in anticipating it and creating an environment where they are aware of the repercussions of their activity. We will create circumstances to minimise market mischief," he added.
Damodaran said his predecessor had raised the bar of achievements for the chairman of SEBI, and that even if he was unable to raise it any further he hoped to maintain it at the current level.
Bajpai said that in his three-year term, the Indian securities market had gone through significant achievements and has been acknowledged both domestically and internationally. He said he was leaving the office with no regrets and is looking forward to his retirement.