Govt begins search for new Whole Time Member at Sebi

Government has begun the search for a new Whole Time Member for Sebi, even as an earlier search-cum-selection process is already underway for one more member for the board of the capital markets regulator.
After serving for seven years as a Whole Time Member (WTM) at Sebi (Securities and Exchange Board of India), Prashant Saran retired last month while the tenure of one more WTM will end soon.
In a notification issued today, the Ministry of Finance today invited applications for filling up "one post of WTM in Sebi" by August 12.
The appointment will be for a maximum period of five years, or till the attainment of the age of 65 years, whichever is earlier, the notification said.

The WTM will have an option to receive a pay as admissible to an Additional Secretary to the Government of India, or a consolidated salary of Rs 3.75 lakh per month.
Recently, Sebi reshuffled the work allocation among its top officials, including for key departments like investigations and Special Enforcement Cell, following the exit of Saran.

Saran was handling some key units at the regulatory body such as Corporation Finance Department, Investigations Department, Special Enforcement Cell, Office of Investor Assistance and Education, Department of Economic and Policy Analysis and the Human Resources Development Division.
While the selection process is underway to appoint a person in place of Saran, the regulator has re-allocated the divisions that he used to supervise among the two existing Whole Time Members -- Rajeev Kumar Agarwal and S Raman.

The Corporation Finance Department, the Investigations Department and Special Enforcement Cell have been given to Raman, while the Department of Economic and Policy Analysis has gone to Agarwal.
The Office of Investor Assistance and Education would also now be handled by Raman.
Other divisions under Raman include Collective Investment Schemes (CIS), Enquiries and Adjudication Department, Office of International Affairs, Information Technology Department and the Enforcement Department.
The units under Agarwal include departments relating to investment management, Foreign Portfolio Investors and Custodians, market regulation, market intermediaries regulation and Supervision Department, as also legal affairs.
Besides, Agarwal also supervises the Integrated Surveillance Department, Commodity Derivatives Market Regulation Department, as also the Regional Offices (ROs) and National Institute of Securities Markets (NISM).

The Whole Time Members are assisted by Executive Directors and other officials at Sebi.
There is also place for one more independent director as well on the board of Sebi, headed by Chairman U K Sinha, whose own term will end in March next year.