The finance ministry has invited applications to appoint the next chairman of the Securities and Exchange Board of India (Sebi) to succeed Ajay Tyagi, whose five-year term comes to an end in February.

Tyagi, a 1984 batch IAS officer of the Himachal Pradesh cadre, was appointed as Sebi chairman on March 1, 2017 for a period of three years.

Subsequently, he was given a six-month extension and later in August 2020 his tenure was extended by 18 months.

In a public notice dated October 28, the ministry has invited applications from eligible candidates for the post of Sebi chairman for a maximum period of five years or till 65 years, whichever is earlier.

Applications of eligible candidates may be forwarded on or before December 6.

In the past, the government has given extension to U.K. Sinha for three years, making him the second longest-serving chief of Sebi after D.R. Mehta. In the case of Tyagi, the government issued appointment notification twice.