Finance ministry floats ad for post of Sebi member1 min read . Updated: 10 Feb 2016, 06:11 PM IST
Private sector applications will also be considered for the post, provided they meet the required criteria
Mumbai: The finance ministry is looking to replace an existing whole-time member with the Securities and Exchange Board of India (Sebi). The new vacancy has been created as Prashant Saran’s tenure as member of the market regulator comes to an end on 25 June, said a ministry official involved in the appointment process, who did not want to be identified.
Saran heads two critical department of the regulator—corporate finance department and investigations and enforcement cell.
Saran joined the market regulator from the Reserve Bank of India (RBI) as a member in May 2009 for a tenure of three years. Saran was awarded an extension in 2012 for five years or until he became 65 years of age. Saran turns 65 in June this year.
As per the government notification dated 4 February, the appointment would be for a period of five years.
Interestingly, the applications need not come from the bureaucracy or public sector alone.
“Private sector applications would also be considered provided they meet the required criteria," said the ministry official cited above.
This would be the second key appointment initiated by the ministry at Sebi. Currently, the search is underway under the selection panel led by cabinet secretary for the Sebi chairman’s post. The current chairman U.K. Sinha’s tenure comes to an end on 17 February.
The selection of chairman and members of Sebi is done by the finance ministry and requires vigilance clearances if the applicant is from the public or government sectors.