The Centre on Friday appointed senior Finance Ministry official and IAS officer Ajay Tyagi the new Securities and Exchange Board of India’s chairperson, PTI reported. He will replace his predecessor, Upendra Kumar Sinha, on March 1, a statement said.

Tyagi is from the 1984 Himachal Pradesh IAS cadre. He currently serves as the additional secretary (investment) in the department of economic affairs and handles capital market, among others.

Sinha had become the chief of the market regulator in February 2011. However, his three-year term was extended twice.