Search panel conducts interviews for Sebi chief

A government search panel on Monday held interviews for the post of the Securities and Exchange Board of India (Sebi) chairman, which will fall vacant on February 17 after incumbent C B Bhave’s term ends. Association of Mutual Funds in India’s (Amfi’s) Chairman U K Sinha and Corporate Affairs Secretary R Badyopadhyay are considered front-runners for the post.

Meanwhile, Finance Minister Pranab Mukherjee said the stock market regulator should not be seen from the point of view of individuals as it was an autonomous institution entrusted with the task of maintaining stability. “It is not a question of individuals. Sebi is an institution and an autonomous body. It is expected to play a role in stabilising the markets and is doing a good job,” Mukherjee told reporters when asked about selection of Sebi chairman.

The search panel expressed hope that the new chairman would be appointed before the post fell vacant. “The post would fall vacant on February 17, 2011. We would have the successor before that,” said Finance Secretary Ashok Chawla, a part of the panel.

Other people in the race include Additional Secretary, Department of Disinvestment, S Pradhan, Madhya Pradesh Principal Secretary G P Singhal and two State Bank of India (SBI) Managing Directors, S K Bhattacharya and R Sridharan.

Of those selected for the final interview, at least two — SBI Chairman O P Bhatt and Reserve Bank of India (RBI) Deputy Governor K C Chakrabarty — expressed their unwillingness for the position, sources said.

The panel headed by Cabinet Secretary K M Chandrasekhar includes Financial Services Secretary R Gopalan and Department of Personnel Secretary Shantanu Consul.