Govt starts search for new Sebi chairman1 min read . Updated: 26 Aug 2015, 10:47 PM IST
The incumbent chairman U.K. Sinha will finish his five-year term in February 2016
Mumbai: The finance ministry has put out a notice inviting applications for the post of chairman of the Securities and Exchange Board of India (Sebi) as incumbent chairman U.K. Sinha will finish his five-year term in February 2016.
In the notice dated 24 August, the government said it will consider applications for the post till 7 October from eligible individuals with adequate ability, integrity and standing, having a track record for displaying a capacity to deal with problems relating to the securities market.
Those with adequate experience in law, finance, economics, accountancy or administration may apply for the position, the notice said, and added that the government was looking for a person in the age group of 50-60 years, with at least 25 years’ experience .
The chairman of Sebi will be allowed to hold office for a maximum period of five years or till the age of 65 years, whichever is earlier.
The shortlisted candidate will be entitled to opt for a compensation of either ₹ 80,000 (fixed) as admissible to a secretary to the government, or a consolidated salary of ₹ 4.5 lakh per month, said the notice released late on Wednesday.
The government said the final appointment will be made based on the recommendation of a search-cum-selection committee.