Quit from here, then join, Sebi tells 350 officers seeking IFSCA deputation

Rejects all 350 applications; Newly formed unified authority International Financial Services Centres Authority (IFSCA) regulates govt's pet project GIFT city institutions

The Securities and Exchange Board of India (Sebi) has rejected at least 350 applications of its officials, seeking to join newly-formed unified authority International Financial Services Centres Authority (IFSCA), which regulates government's ambitious pet project GIFT city institutions. 

The authority is being set up to regulate the country’s first international financial services centres catering to customers outside the jurisdiction of the domestic economy. These centres essentially deal with financial products and services across borders. The GIFT city has a direct competition with various emerging global financial centres around the world including in Shanghai and Dubai. 

Sources say that Human Resource (HR) department of Sebi received about 350 applications from officers at various grades, showing interest to join the new regulator on deputation. But the department retuned their application and asked them to apply directly and join after resigning from the Sebi.

In an emailed response to Business Standard, a Sebi spokesperson said: "The regulator has already approved deputation of three senior officers to IFSCA."

“The competent authority has decided not to entertain applications for deputation to IFSCA. Interested officers may apply to it on direct recruitment basis, pursuant to obtaining no objection certificate from the HR department,” said an officer who received the response on application. 

Sebi also said that such applications shall be governed under Regulation 54 of Sebi’s employees services rules.

However, it is not known why so many officers of Sebi keen to leave Sebi and join IFSCA. Insiders says that if these officers move out, the market regulator will have to face acute shortage of manpower. 

Recently, chief general manager of Sebi Manoj Kumar had joined as an executive director with the IFSCA.  An email sent to Sebi seeking comment remained unanswered.