free market curber is new SEBI chief

Mr M Damodaran has been appointed the new SEBI chief. The new post he has wrangled is a tribute to his adroitness in navigationing the corridors of power rather than his financial or managerial ability. He, ofcourse, does have the luck of being at the right place . The turnaround of UTI was more than aided by the booming market, while his brief stint at IDBI was a pointer to his excellent ability to get his way in the finance ministry.
But really bothers me is that he is non believer in the free market system. Why else would he choose to merge IDBI Bank, which was in the private sector, with the goverment owned and decayed IDBI. In the US, market regulators have had a strong capital market backgroud with most of them from the stock brocking freternity. In India, i was hoping somebody who understands the system like RH Patil could be given the top job. I guess the Indian financial system has a really long way to go.