Sebi to hire more legal hands

Sebi to hire more legal hands

Mumbai: The Securities and Exchange Board of India (Sebi) has called for applications from legal professionals, according to the regulator’s web site.

The watchdog has called for applications for the post of Deputy Legal Adviser(s) to strengthen its legal team, tighten regulations and take enforcement actions.

“In light of Sebi’s efforts to tighten its regulations and taking enforcement actions, the recruitment of deputy legal advisers assume significance," it said.

According to the Sebi Annual Report, 3,656 cases were pending for Enforcement Actions as on 31 March. Last year, the market regulator had introduced the “Consent Order" scheme with 350 Consent Orders already having been passed.

Sebi currently has two legal advisers and three deputy legal advisers in its Legal Department at its head office, it said.

The regulator has an executive director (Law) who looks after the legal affairs and the Enforcement Departments.

While Legal Affairs provides legal counsel to the Board and its other departments, the Enforcement Department is responsibly for proceedings related to regulatory action and obtaining redress for violation of securities laws.

The Enforcement Department also takes care of proceedings related to regulatory action against all market participants, issuers and individuals.