Government invites applications for two Whole-time members of Sebi

The Department of Economic Affairs has invited applications for two Sebi whole-time member positions as the tenure of two current members nears completion later this year

The government has initiated a search for two whole-time members (WTMs) for the Securities and Exchange Board of India (Sebi) as the tenure of two current WTMs nears completion.

 

The Department of Economic Affairs (DEA) has invited applications for the top roles by June 30.

 

At present, there are four WTMs, including Amarjeet Singh, Kamlesh Chandra Varshney, Sandip Pradhan, and KVR Murty.

 

The three-year tenure of Singh and Varshney are nearing completion in September. However, re-appointments are possible with the upper age limit for the positions at 65 years.

 

Pradhan and Murty have been recent appointments at the helm of the regulatory body.

 

The vacancy circular by DEA seeks applications from persons with ‘high integrity, eminence, and reputation’ with preferably more than 20 years of professional experience, given the importance of Sebi as a regulator. The preferred age group is 45 to 60 years.

 

“The WTM shall hold office for such period, not exceeding 5 years, as may be specified in the order of appointment provided that he shall not hold officе beyond the age of 65 years, whichever is earlier and will be eligible for reappointment,” the vacancy circular notes.

 

Appointments are made by the Centre on the recommendations of the Financial Sector Regulatory Appointments Search Committee (FSRASC).

 

The FSRASC is also free to identify and recommend any other person who may not have applied for the post—on the basis of merit.

 

The WTM will have an option to receive a pay similar to that of additional secretary in the government or a consolidated salary of ~5 lakh per month, excluding car and housing facility.

 

The government has sought applications from persons with integrity and standing with knowledge or experience of law, finance, economics, accountancy, administration, or other such specialisation which may be useful for the market regulator.  

 

“The WTM should be a person who does not, and will not have any such financial or other interests as are likely to affect prejudicially his functions as the WTM,” it added.

 

The WTM positions are key as they play a significant role in policy making, investigations, enforcement, and market development.