Explanation:

Senior IAS Officer Ajay Tyagi has been appointed as the chairman of SEBI. The chairman of SEBI has a tenure of 5 years or 64 years of age, whichever is earlier.  He is a 1984 batch IAS Officer of Himachal Pradesh Cadre. SEBI is the statutory regulator for the securities market in India established in 1988. It was given statutory powers through the SEBI Act, 1992. It has three functions: quasi-legislative (drafts regulations in its legislative capacity), quasi-judicial (passes rulings and orders in its judicial capacity) and quasi-executive (conducts investigation and enforcement action in its executive function). SEBI is headquartered at Mumbai, Maharashtra.