Mumbai: Securities and Exchange Board of India (Sebi) may buy office space of at least 100,000 sq. ft to set up a new regional office in Mumbai, according to two people familiar with the plans.

The markets regulator intends to raise its staff strength from around 700 to about 1,200 over the next three years. It is currently headquartered at Mumbai’s Bandra-Kurla Complex (BKC) with a total office space of around 100,000 sq ft. The BKC office can accommodate 500-600 employees, while the rest of them are based at Sebi’s old office at Nariman Point.

With the Forward Markets Commission merging with Sebi, a bigger office space has become necessary. Sebi has been on the lookout for a new commercial space for several months now. A few months ago, it held discussions with Mumbai Metropolitan Region Development Authority (MMRDA), the state-run body that auctions land at BKC.

According to real estate consultancy JLL India’s estimates, the average property prices around BKC is in the range of 27,000-34,000 per sq. ft, while the rental rates stand at around 240 per sq. ft per month.

Bidya Sapam contributed to this story.