The Centre on Friday reduced the term of newly appointed Securities and Exchange Board of India’s chairperson Ajay Tyagi from five years to three years. Tyagi was named the market regulator’s chief on February 10 and is scheduled to take over on March 1. No reason has been specified for the change in tenure.

His predecessor, UK Sinha, held the second-longest term as Sebi chief for six years, PTI reported. He was appointed to the office in February 2011 and his tenure was extended twice.

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.