Sebi chief

New Delhi, Feb. 3: The government today appointed U.K. Sinha as the chairman of the Securities and Exchange Board of India (Sebi). Sinha replaces C.B. Bhave who will retire on February 17. Sinha will be the Sebi chief for three years from February 18, 2011, said a government notification. He will be the eighth chief of Sebi. At present, Sinha is the chairman and managing director of UTI AMC. He also heads Amfi, the mutual fund industry body .

Forex norm

New Delhi, Feb. 3: The Reserve Bank of India today asked banks dealing in forex to set up a comprehensive risk management procedure for trading as well as non-trading activities. “Banks should have a comprehensive and adequate risk management procedure covering both trading and non-trading activities. Such a procedure will assist in limiting and monitoring risk taking activities,” the RBI said.