Ministry of Finance initiates search for a new whole-time member for Sebi

The new WTM may serve for up to five years, as specified in the appointment order, but must retire upon reaching the age of 65

The Central government has invited applications to fill a position of Whole-Time Member (WTM) of markets regulator Sebi, as the tenure of one of the four members ends next month.

 

Ashwani Bhatia, a Whole-Time Member of the Securities and Exchange Board of India (Sebi), will complete his term on May 31, but the possibility of reappointment cannot be ruled out too.

 

The last day for submitting applications is May 28, said the Ministry of Finance.

 

The new member can serve for up to five years, as specified in the appointment order, but must retire on attaining the age of 65. Re-appointment is possible.

 

Sebi currently has four Whole-Time Members, with two, including Bhatia, set to complete their terms in 2025.

 

Bhatia, who joined Sebi in June 2022, oversees the Corporation Finance Investigation Department, Corporation Finance Department, and the Department for Debt and Hybrid Securities.

 

Previously, he served as Managing Director at State Bank of India and MD & CEO of SBI Funds Management. During his tenure, Bhatia issued significant orders related to SMEs, fund diversion, and corporate fraud.

 

Tenure of another WTM, Ananth Narayan, is scheduled to conclude in September 2025.

 

The role offers a salary equivalent to an Additional Secretary in the Government of India or a consolidated ~5 lakh per month, excluding car and housing facilities.

 

Eligible candidates must have integrity, a strong reputation, and the ability to address securities market issues, with specialised knowledge or experience in law, finance, economics, accountancy, or administration.

 

A minimum of 20 years of experience is required. The circular emphasises that the WTM must be free from financial or other interests that could compromise their duties.