NEW DELHI: At least three senior bureaucrats are believed to be in contention for the post of capital market regulator Sebi’s Chairman after the extended tenure of incumbent U K Sinha ends on March 1.
The process for selecting the next chief of the Securities and Exchange Board of India (Sebi) started in September, pursuant to which several applications were received for the position.
The current tenure of Sinha, who has been at the helm of the watchdog since February 2011, ends on March 1 next year. A final decision will be taken by the government after taking into consideration the recommendations of the Financial Sector Regulatory Appointments Search Committee (FSRASC), which has conducted the interviews and has short-listed the candidates, sources said. Besides Chairman and Whole-Time Members, the Sebi board includes independent members and nominees of Finance Ministry, Corporate Affairs Ministry and the RBI. Generally, Sebi Chairman is appointed for a period of five years or up to the age of 65 years, whichever is earlier. The person would also be eligible for re-appointment. Sinha took charge as Sebi Chairman on February 18, 2011, and was initially appointed for a 3-year term. Later, he was given a two-year extension. Days before Sinha’s last term was to end on February 17, 2016, the government approved his re-appointment to the position from February 18 till March 1 next year. Sebi chairman receives consolidated pay package of Rs 4.5 lakh per month. “Keeping in view the role and importance of Sebi as a regulator, it is desirable that persons with high integrity, eminence and reputation preferably with more than 25 years of professional experience and in the age group of 50-60 years may apply,” Finance Ministry had said in September while inviting applications for the Sebi chief post. In July last year, before the current one-year tenure was granted to Sinha, the government had initiated a search-and- selection process to find his successor and it got as many as 50 applications. Despite short-listing seven candidates, the government decided to give a one-year extension to Sinha to ensure stability due to volatile market conditions. Sources said three senior bureaucrats are now among the contenders for the post falling vacant on March 1 and these include Power Secretary P K Pujari and Additional Secretary in Finance Ministry Ajay Tyagi. Tyagi, Additional Secretary (Investment) in the Department of Economic Affairs, handles capital market, among other areas. An IAS officer from Himachal Pradesh, Tyagi, for a short while was also on the RBI board. Pujari, a Gujarat-cadre IAS officer, is the Power Secretary. He has served in various roles, including in the ministries of agriculture and finance. Among others, Economic Affairs Secretary Shaktikanta Das’s name was also doing the rounds for this important post. Das, a key figure in the government’s economic policy-making decisions, is already on the Sebi board as a Finance Ministry nominee. — PTI
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