Sebi tweaks rules for appointment of executive directors

Giving in to employees' demand, the Securities and Exchange Board of India (Sebi) tweaked the appointment rules for executive director (EDs). According to sources, the market regulator has decided to increase the number of ED posts to nine from eight. Six of them would be for staffers and the rest would be lateral or on deputation basis.

To carry out the decision, Sebi will appoint one external candidate and promote two internal employees to the posts of ED, said a source. Sebi staffers were lobbying for more internal promotions and had even moved Bombay High Court over this. However, the court