NEW DELHI: The government has invited applications for two whole-time member (WTM) positions at market regulator Securities and Exchange Board of India (SEBI), with the Department of Economic Affairs (DEA) setting June 30 as the deadline for submissions.
In a recent notification, the DEA -- which comes under the Ministry of Finance -- said that selected candidates will have the option to receive pay equivalent to that of an additional secretary to the government or opt for a consolidated salary of Rs 5 lakh per month, excluding house and car facilities.
As of now, the market watchdog has four whole-time members -- Amarjeet Singh, Kamlesh Chandra Varshney, Sandip Pradhan and K.V.R. Murty.
The three-year tenures of Singh and Varshney are scheduled to end in September, although both remain eligible for reappointment subject to the prescribed age limit of 65 years.
The notification said the government is looking for candidates with ability, integrity and standing, along with expertise in areas such as securities markets, law, finance, economics, accountancy, administration or related disciplines.
Considering SEBI’s role as a market regulator, the government said candidates with high integrity, eminence and reputation, preferably with more than 20 years of professional experience and in the age group of 45-60 years are desirable.
Applicants from government departments, public sector undertakings, academic institutions and research organisations have been asked to submit attested copies of annual performance appraisal reports (APARs) for the last five years, vigilance clearance, integrity certificates and details of penalties, if any.
“The Whole Time Member shall hold office for such period, not exceeding five years, as may be specified in the order of appointment, provided that he shall not hold office beyond the age of sixty-five years, whichever is earlier, and will be eligible for reappointment,” the notification said.
Appointments will be made by the central government based on recommendations of the Financial Sector Regulatory Appointments Search Committee (FSRASC), which may also identify and recommend candidates who have not formally applied.
Whole-time members form part of SEBI’s senior leadership and play an important role in policymaking, market regulation, enforcement, investigations and capital market development.