PM chose Bhave as Sebi chief on Chidambaram's advice

Prime Minister Manmohan Singh had overruled advice from two of his closest aides - Montek Singh Ahluwalia and C Rangarajan - and opted to go with then finance minister P Chidambaram's view while appointing C B Bhave as the chairman of the Securities and Exchange Board of India (Sebi). Documents accessed by TOI show that Ahluwalia, deputy chairman of the Planning Commission and Rangarajan, chairman of the Prime Minister's Economic Advisory Council, had backed the idea of giving an extended term to M Damodaran as he enjoyed a "high reputation among the investor community".

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