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Govt invites applications for Sebi’s whole time member

January 14, 2018

New Delhi: The government invited applications to fill up the position of a whole time member at markets regulator Sebi.

Currently, Sebi has two whole-time members — Madhabi Puri Buch and G Mahalingam — while Sanjeev Kaushik was appointed a whole-time member last month. However, he is yet to join the markets regulator.

Kaushik has handled the capital markets in the Department of Economic Affairs, where he was responsible for the policy matters related to current account management, foreign institutional investments, external commercial borrowings and foreign exchange management. He has also worked closely with the Sebi and Reserve Bank of India (RBI).

In an advertisement, finance ministry has invited applications for the position of a whole time member. The person would be appointed for a five-year period or till attaining the age of 65 years, whichever is earlier.

Spelling out the eligibility criteria, it said that the candidate should have ability, integrity and standing, who has shown capacity in dealing with problems relating to securities markets or has special knowledge or experience of law, finance, economics, accountancy and administration among others.

The interested candidates need to send the application by February 14.

Earlier, the Securities and Exchange Board of India (Sebi) had written to the finance ministry recommending that a fourth position of whole time member be created and the post should be filled up on priority basis, which was accepted by the ministry.

As per the Sebi Act, the board comprises a chairman, one member each from the finance ministry, corporate affairs and RBI, besides, five other members of whom at least three should be the whole-time members.

Sebi’s whole-time member Prashant Saran retired in June 2016 and Mahalingam joined in his place. Rajeev Aggarwal also demitted office in November 2016 and Buch joined in April last year.

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