With the appointment of the next Insurance Regulatory and Development Authority of India (IRDAI) chief expected soon, speculation is rife in bureaucratic and financial circles. The list of potential candidates is narrowing, with Finance Secretary Ajay Seth (IAS:1987:KN) and former Defence Secretary Aramane Giridhar (Retd. IAS:1988:AP) emerging as the top contenders.
Among the two, Ajay Seth appears to be the leading choice, according to senior officials. www.legendofficers.com had first reported on March 12 that both Seth and Aramane were being considered for the top regulatory post.
An April 10 follow-up report by the portal included additional names in the fray — including senior bureaucrats and private sector executives. These included Petroleum Secretary Pankaj Jain (IAS:1990:AM); Sriram Taranikanti (IAS:1992:TR), Director of LBSNAA; Thomas Devasia, former Member (Non-Life), IRDAI; and RM Vishakha, former MD & CEO of IndiaFirst Life.
However, with the announcement expected soon, the focus appears to be shifting back to the initial frontrunners.
Ajay Seth currently serves as Secretary in the Department of Economic Affairs and holds the additional charge of Revenue Secretary. As the senior-most secretary in the Finance Ministry, he holds the designation of Finance Secretary. He is set to retire at the end of June. The government has already named his successors: Anuradha Thakur (IAS:1994:HP) has been appointed as Secretary, Department of Economic Affairs, and Arvind Shrivastava (IAS:1994:KN) will take over as Revenue Secretary — a move that some see as paving the way for his transition to the IRDAI role.
The IRDAI chief’s position has been vacant since March 13, following the completion of Debasish Panda’s three-year tenure. The Department of Financial Services had invited applications for the role on March 10, with April 6 as the submission deadline.
(By-Rajeev Singh)
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