GC Chaturvedi, R Chandrasekhar & TS Vijayan in fray for top IRDA post

NEW DELHI: Two bureaucrats, petroleum secretary GC Chaturvedi and top official in the telecom department R Chandrasekhar, along wth former LIC chairman TS Vijayan are in the running to succeed J Hari Narayan as chairman of the Insurance Regulatory and Development authority ( IRDA),

Earlier this week, a selection panel headed by financial services secretary DK Mittal interviewed nine prospective successors to Narayan, including current LIC chairman DK Mehrotra, and ex CEO of Star Union Dai-ichi Life Insurance, Kamalji Sahay. The government appointed panel had receive around 30 applications for the post of IRDA chairman. The incumbent, J Hari Narayan retires in February.

"It will be a close race as all the three contenders have huge experience and strong support from various groups," said a government official.

GC Chaturvedi, a 1977 batch IAS officer, is considered to be the front runner. He has worked in different capacities in the finance ministry and was special director general (finance & accounts) of the organising committee for the Commonwealth Games before taking over as petroleum secretary. R Chandrasekhar is a 1975 batch IAS officer from Andhra cadre. Former LIC Chairman TS Vijayan who was battling corruption allegations who was recently given a clean chit by the Central Bureau of Investigation and the finance ministry, may also be a strong contender.

The selection panel includes former SBI Chairman OP Bhatt, former Sebi chairman GN Bajpai, department of economic affairs secretary Arvind Mayaram and secretary in the department of personnel and training PK Mishra.

In the recent past Narayan has publicly opposed a proposal by the finance ministry allowing LIC to own up to 30% of a company. IRDA norms prohibit insurance companies from owning more than 10% of a company and Narayan has insisted that the rule should apply to LIc also.

However, LIC has insisted that it should be allowed to own higher stakes as it find it difficult to trade in stocks where the holding is around the 10%.

The finance ministry has also been keen to allow LIC to cross 10% as the state-owned insurer acts as an anchor investor in the sale of state-owned companies.