The government has appointed State Bank of India (SBI) managing director Ashwani Bhatia as whole-time member (WTM) of the Securities and Exchange Board of India (SEBI).

The Appointments Committee of the Cabinet (ACC) has approved the appointment of Bhatia as a member initially for a period of three years from the date of assumption of charge, sources said.

With Bhatia getting appointed as WTM, there is now only one post of WTM left to be filled in SEBI, sources said.

Bhatia, who is due to retire in May, this year, was elevated as the managing director of SBI in August 2020. Prior to that, he was working as the managing director and chief executive officer of SBI Mutual Fund.

He started his career with SBI in 1985 as a probationary officer. Over a 33-years tenure with SBI, he has donned many hats. He has taken the lead in revamping the entire credit structure and processes of SBI.

Last month, the government appointed Madhabi Puri Buch as the new chairperson of Sebi, the first woman to head the capital market regulator.

She replaced Ajay Tyagi, whose five-year term came to an end on February 28.