The Securities and Exchange Board of India (Sebi) has three whole time members.
S Ramana, one of the members, is scheduled to retire this year.
The finance ministry had advertised for the post last month.
In March, the government had appointed Madhabi Puri Buch as a whole time member.
In August last year, RBI's Executive Director Gurumoorthy Mahalingam was appointed whole time member of the market regulator Sebi.
Ajay Tyagi recently replaced U K Sinha as the chairman of Sebi.
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