U.K. Sinha will remain the Sebi chairman till March 1, 2017 as the government has extending his term by over a year on Monday.

The extension for Mr Sinha, whose current term was to end on February 17, was approved by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi.

During his tenure, Sebi has implemented a number of reforms in the capital markets including regarding IPOs, mutual funds and corporate governance. Some of the key initiatives announced recently include a new regime for listing of startups, while Sebi has also launched a major crackdown on market manipulators including those misusing the stock exchange platform for tax evasion and money laundering.

Commodities markets regulator FMC was also recently merged into Sebi, while there have also been apprehensions that a change of guard at this time can be avoided given the sharp volatility in the capital markets globally.

With his latest extension, Sinha will become the second-longest serving chief of Sebi after D R Mehta’s seven year term from 1995 to 2002.

While Sinha was initially appointed with a three-year term, he was later given a two-year extension. However, Sinha was eligible for a one-year extension as per his age.