The Watchdog Who Walked the Street ; After Being Run by a String of Bureaucrats Who Weren't Exactly in Sync with the Stock Markets and Its Devices, Regulator Sebi Finally has a Chief Who's No Stranger to the Bulls and Bears. Can He Make a Difference?

Business Today › July 14, 2008

Linked as:

Summary

Good Morning. I'M pleased to announce my nomination of Congress- man Chris Cox of California as our next Chairman of the Securities and Exchange Commission... Chris understands how markets work, and he knows the need for transparency in financial exchanges and in the halls of business. He proved that he can bring together people of diverse opinions to get things done. That kind of leadership will be invaluable as the Chairman of the SEC.

When on June 2, 2005, George W. Bush, President of the United States, ushered in Chris Cox as Chairman of the Securities and Exchange Commission (SEC), it wasn't for the first time that the Commission had a man well-versed with capital markets at the helm. Cox, who specialised in venture capital and corporate finance at a Wall Street law firm, succeeded Bill Donaldson as the 28th Chairman of the SEC. Donaldson himself is a former Chairman & CEO of an investment bank that he co-founded, and was also Chairman & CEO of the New York Stock Exchange. Cox and Donaldson aren't exceptions. Like the 25th Chairman, Arthur Levitt, a former Chairman of the American Stock Exchange, almost every SEC chief has done the Wall Street shuffle.

See the full content of this document

Extract

The Watchdog Who Walked the Street ; After Being Run by a String of Bureaucrats Who Weren't Exactly in Sync with the Stock Markets and Its Devices, Regulator Sebi Finally has a Chief Who's No Stranger to the Bulls and Bears. Can He Make a Difference?

The man: Chandrasekhar Bhaskar Bhave, Chairman, SEBIAge: 57Been there: Secretary in Ministry of Finance, Petroleum; Executive Director, SEBI; Chairman, NSDLDone that: Introduced turnover-based fees for brokers; was instrumental in setting up a surveillance system at NSE, banning badla and writing several new regulations; championed paperless trading at NSDLSEBI stint so far: In the four months since taking charge, Bhave has become immensely accessible to employees, junior and senior; he...

See the full content of this document