A six month extension given to SEBI Chief Ajay Tyagi seems to have put paid to the ambitions of Madhabi Puri Buch to bag the top post. She, instead, is likely to be given a two year extension in her current position as a SEBI Whole Time Member. As a result of these extensions, senior IAS officers Atanu Chakraborty and Rajiv Kumar may emerge as top contenders in the race for SEBI Chief post, when it falls vacant in september. Chakraborty, the current Economic Affairs Secretary, retires next month while Kumar retired on February 29, as Secretary, Department of Financial Services. By appointing retired IAS officer to the top post, the government wants to stay clear of any possible controversy.