M Damodaran, chairman and managing director of Industrial Bank of India was on Thursday appointed the chairman of Securities and Exchange Board of India.
Damodaran takes over as Sebi chief from G N Bajpai who retires on Friday.
Damodaran was instrumental in turning around the beleaguered Unit Trust of India, which was split into two organisations after the 2001 muddle in the country's biggest mutual fund.
Damodaran succeeded P Subramanian as UTI chairman in 2002 after the US-64 scam came to light.
He was also asked to look after IDBI and recently took over as its full-time CMD after the bank was corporatised.