Mumbai, June 28: The Securities and Exchange Board of India (Sebi) has initiated a major restructuring within the organisation by creating new departments and reshuffling department head portfolios. As part of the recast, chief general manager (CGM) PK Nagpal and chief general manager PK Bindlish who were heading mutual fund and secondary market departments, respectively, have been shifted to investigations. Also, Sundrasan, head of the takeover department has been shifted to the newly created market regulation and policy department. Muralidar Rao will head the takeover department, while Suresh Gupta will take charge of investment management which includes mutual funds.

Usha Narayan moves to the market inspection department from investigations.

Sebi has also reorganised departments like market intermediaries, derivatives and new products, corporate finance, investment management, surveillance, investigation & enforcement, legal affairs, adjudication and research.
The watchdog has also appointed CK Das, chief general manager the State Bank of India (SBI) as the new executive director. Sebi was reeling under a major shortage of top level staff after three executive directors retired in the past one year. Bureau Report