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 the search for two whole-time members (WTMs) for the market regulator 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 tenures of Singh and Varshney are nearing completion in September. However, reappointments are possible, with the upper age limit for the positions set at 65 years.

 

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

 

 

The vacancy circular issued by the DEA seeks applications from people with “high integrity, eminence, and reputation”, preferably with 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 office beyond the age of sixty-five years, whichever is earlier, and will be eligible for reappointment,” the vacancy circular notes.

 

The appointments are made by the central government 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 the option to receive pay similar to that of an additional secretary in the government or a consolidated salary of Rs 5 lakh per month, excluding car and house facilities.

 

The government has sought applications from people with integrity and standing, and with knowledge or experience of law, finance, economics, accountancy, administration, or other such specialisations that 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 are part of the top leadership of the market regulator and play a significant role in policymaking, investigations, enforcement, and market development.