U.K. Sinha

SEBI exit to NDTV appointment

The rule: SEBI Act/rules: no statutory post-tenure bar on commercial employment for the SEBI chairman found. AIS (DCRB) rule 26 one-year rule (from IAS retirement, long past).

No cooling-off rule was engaged on these dates. The DRI-letter dates in the sources differ (Scroll: January 2014; affidavit per The Hindu: 31 January 2014).

1. Feb 2011 to 28 Feb 2017Documented

   Chairman, Securities and Exchange Board of India (SEBI)

   Indian Express

2. 2218 days after leaving.

3. 27 Mar 2023Documented

   New Delhi Television Ltd (NDTV)

   Independent Director and Non-Executive Chairman, two-year term

   U.K. Sinha and Dipali Goenka have been appointed Independent Directors of NDTV for a period of two years effective March 27, 2023

   NDTV · CNBC-TV18

1. The DRI chief wrote to the SEBI chairman flagging alleged over-invoicing of power equipment imports by Adani group companies and possible market manipulation. Reuters later reported (citing sources) that SEBI's inquiry began in 2014 and was paused in 2017.

   When

   Jan 2014

   Role

   DRI to SEBI chairman

   In January 2014, the chief of the Directorate of Revenue Intelligence, a financial investigative agency of the Ministry of Finance, wrote a letter to the chairman of the Securities and Exchange Board of India flagging a case that the DRI was investigating.

   Ms. Jaiswal’s affidavit claimed the DRI sent a letter to then SEBI chairperson, UK Sinha, on January 31, 2014, alerting that “there may be stock market manipulation being committed by the Adani group of companies using the money siphoned off through overvaluation in the import of power equipment”.

   the initial investigation did not yield anything and was paused in 2017, the sources said

Response: U.K. Sinha (to Scroll), Sep 2023

““You should not expect me in all fairness to remember everything what happened nine years ago, given that I retired from SEBI six years ago,” Sinha told Scroll , when asked about the DRI letter. “I don’t recollect what the facts are.”” scroll.in

The Adani group has denied Hindenburg's allegations (Reuters via The Hindu). The Supreme Court ruled on the Adani-Hindenburg petitions on 3 Jan 2024 (source not saved in this batch; check before use).