IAS officer Ramesh Abhishek, who was tipped to be SEBI Chairman, has been appointed as the Officer on Special Duty in the Department of Industrial Policy and Promotion, Ministry of Commerce and Industry.

He will succeed the current DIPP Secretary Amitabh Kant, when he retires. This could mean that the current SEBI chief UK Sinha may get a one-year extension or SBI Chairperson Arundhati Bhattacharya could get the post. Also, Finance Secretary Ratan P. Wattal has been given a two-month extension till April 30, so that the Budget process does not get disturbed.

Did You Know???

• The Department of Industrial Policy & Promotion was established in 1995 and has been reconstituted in the year 2000 with the merger of the Department of Industrial Development.
• Earlier separate Ministries for Small Scale Industries & Agro and Rural Industries (SSI&A&RI) and Heavy Industries and Public Enterprises (HI&PE) were created in October, 1999.
• With progressive liberalisation of the Indian economy, initiated in July 1991, there has been a consistent shift in the role and functions of this Department.
• From regulation and administration of the industrial sector, the role of the Department has been transformed into facilitating investment and technology flows and monitoring industrial development in the liberalised environment.