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This is quite understandable under the circumstances that SEBI has been helped to install in the beginning after two sector experts (Sa Dave and SS Nadikarni) led by most IAS officers (GV Ramakrishna, Dr. Mehta, M Damodaran, CB Bhave, UK Sinha and Ajay Tyagi). Only other SEBI chief (GN Bajpai) was also a civil servant.
Many of these IAS officers initially knew very little among equity, loan and derivative markets, as their previous jobs rarely needed to handle markets and equipment. Most of them learned their ropes while being deployed to the Finance Ministry before appointing SEBI chiefs and mastered the art of markets and its rules.
SEBI’s developmental role (promoting deposits, destroying stock exchanges, promoting market infrastructure, and so on) was added to the usefulness of the relevance of IAS officers for SEBI. There was no open struggle with the government-and no SEBI chief had to resign from mid-term.
