Dr. M. S. Sahoo, Chairperson (2016-2021)
Dr. M. S. Sahoo, an acclaimed thought leader in financial markets, served as the first Chairperson of the Insolvency and Bankruptcy Board of India. In his time as Chairperson, the IBBI adopted several best governance practices, on its journey to institutional legitimacy. During this period, the IBBI had deep engagement with stakeholders, making insolvency reform a journey by the stakeholders, for the stakeholders and of the stakeholders.
Dr. Sahoo played a key role in development of insolvency ecosystem; insolvency resolution of corporate debtors, personal guarantors to corporate debtors, and financial service providers; pre-packaged insolvency resolution; development, and regulation of insolvency profession and valuation profession; Graduate Insolvency Programme; and establishment of IBBI. He led the thought process as a Member of the Insolvency Law Committee and the Chairperson of its Sub-Committees on resolution of financial service providers and pre-packaged insolvency resolution, the Chairman of the Committee of Experts on Institutional Framework for Valuation Profession, and a Member of the Financial Stability Development Council. As Honorary Chairperson of the Forum of Indian Regulators and a Member of the Competition Law Review Committee, Dr. Sahoo assisted in refinement of regulatory architecture.
Before joining IBBI, Dr. Sahoo has served as a Member of the Competition Commission of India, Secretary of the Institute of Company Secretaries of India, Whole-time Member of the Securities and Exchange Board of India, and Economic Adviser with the National Stock Exchange of India. As an Indian Economic Service officer, he has served several Ministries of Government of India. He also had a brief but eventful legal practice. He has served on Boards of Oriental Bank of Commerce, Management Development Institute, National Institute of Securities Markets, and Indian Institute of Corporate Affairs. He has been Chairman / a Member of several expert committees including Chairman of the Committees (Sahoo Committee I, II and III) on Depository Receipts, Domestic and Overseas Capital Markets, and External Commercial Borrowing.
Dr. Sahoo has substantially influenced policies and reforms such as regulatory architecture (1995), dematerialisation of securities (1995), trading of equity derivatives (1999), on-line certifications for professionals (2000), resolution of litigations relating to brokers' fee (2004), setting up of National Institute of Securities Markets (2004), demutualisation of stock exchanges (2005), trading of currency derivatives (2008), and building institutions of markets (1994-2021). He has contributed to securities jurisprudence, by way of disgorgement of illegal gains and consent settlement of securities infractions, the first of their kind in the country.
Dr. Sahoo has conceptualised, designed, and authored several publications, including Indian Securities Market - A Review, NSE Research Initiative, Stock Exchange Factbook, SEBI Bulletin, NSE News, and Insolvency and Bankruptcy News, and edited a professional journal, Chartered Secretary. He has promoted use of technology in education and examinations starting with NSE’s Certification in Financial Markets, the first online examination system in the country, and then in Company Secretaries Course, Limited Insolvency Examination, and Valuation Examinations.
Dr. Sahoo is a qualified Company Secretary and has post-graduation degrees in Economics, Law and Management.
