Currently, Mohanty is executive director (ED) of Sebi — heading the commodities derivatives-market regulation department created by the regulator after its merger with the Forward Market Commission (FMC).
Mohanty, has been appointed for three years, or till the age of 65 years, on the pay as admissible to an additional secretary to the Government of India, or a consolidated salary of Rs 3,75,000 per month, the order issued by the Department of Personnel and Training said.
He joined Sebi in Mumbai on September 29, 2015. Prior to this, he was serving as a director in FMC. An officer from the Indian Revenue Service, Mohanty has earlier served in the Income Tax Department at Kolkata, Nagpur and Mumbai.
Sources said five former and present EDs of Sebi were shortlisted for the position. This is the first time when an internal official has been appointed. All the shortlisted candidates were interviewed on April 5. Mohanty is the fourth whole-time member appointed by the regulator. Sebi has only two whole-time members — G Mahalingam and Madhabi Puri Buch. The third one has been kept in abeyance after appointed candidate Sanjeev Kaushik refused to join on deputation basis.