Govt opens applications for two Sebi whole-time member posts
New Delhi, June 2
The government has invited applications for two whole-time member positions at market regulator Securities and Exchange Board of India, with the Department of Economic Affairs setting June 30 as the deadline for submissions.
In a recent notification, the DEA -- which comes under the Ministry of Finance -- said that selected candidates will have the option to receive pay equivalent to that of an additional secretary to the government or opt for a consolidated salary of Rs 5 lakh per month, excluding house and car facilities.
As of now, the market watchdog has four whole-time members -- Amarjeet Singh, Kamlesh Chandra Varshney, Sandip Pradhan and K.V.R. Murty.
The three-year tenures of Singh and Varshney are scheduled to end in September, although both remain eligible for reappointment subject to the prescribed age limit of 65 years.
The notification said the government is looking for candidates with ability, integrity and standing, along with expertise in areas such as securities markets, law, finance, economics, accountancy, administration or related disciplines.
Considering SEBI's role as a market regulator, the government said candidates with high integrity, eminence and reputation, preferably with more than 20 years of professional experience and in the age group of 45-60 years are desirable.
Applicants from government departments, public sector undertakings, academic institutions and research organisations have been asked to submit attested copies of annual performance appraisal reports (APARs) for the last five years, vigilance clearance, integrity certificates and details of penalties, if any.
"The Whole Time Member shall hold office for such period, not exceeding five years, as may be specified in the order of appointment, provided that he shall not hold office beyond the age of sixty-five years, whichever is earlier, and will be eligible for reappointment," the notification said.
Appointments will be made by the central government based on recommendations of the Financial Sector Regulatory Appointments Search Committee (FSRASC), which may also identify and recommend candidates who have not formally applied.
Whole-time members form part of SEBI's senior leadership and play an important role in policymaking, market regulation, enforcement, investigations and capital market development.
— IANS
Reader Comments
The requirement for 20+ years of experience and age 45-60 makes sense. You need seasoned professionals who understand the complexities of our capital markets. I just hope they look beyond the usual retired bureaucrats and include people from the private sector too. SEBI needs fresh thinking to tackle issues like retail investor protection and crypto regulations. Slight concern about the 'reappointment' clause - that can sometimes lead to favouritism.
Finally, some movement on filling these crucial positions! As a small investor, I've seen how SEBI's decisions affect everything from IPOs to mutual funds. The current team has done a decent job with the new T+1 settlement system and F&O restrictions, but we need more focus on curbing insider trading. Also, 65 years age limit is fair - keeps things dynamic. Let's hope the new members bring fresh perspectives! 📈
Good to see APARs and vigilance clearance being mandatory - accountability is key! But honestly, I worry about the 'FSRASC can recommend candidates who didn't apply' clause. Sounds like a potential backdoor entry. SEBI should be above board in all appointments. With crores of retail investors depending on this regulator, any hint of opacity erodes trust. Transparency in selection would be a big confidence booster for markets. 👀
Interesting to see the government opening up applications for these SEBI positions. The consolidated salary option of Rs 5 lakh per month seems competitive, though I wonder how it compares to private sector roles in Mumbai. The experience and integrity requirements are crucial for a regulator handling over $4 trillion in market cap. Hope the process attracts top talent from across India and abroad. Best of luck to all applicants! ✨
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