The government on Monday initiated the search for successor to the Securities and Exchange Board of India (Sebi) chairman U K Sinha, whose extended term ends on March 1, 2017.
The finance ministry has invited applications for the post of Sebi chairman who would be appointed for a 5-year period or up to the age of 65 years, whichever is earlier.
The chairman will get consolidated pay package of Rs 4.5 lakh per month and would be eligible for re-appointment, the ministry said in a notification.
The government has invited applications by October 21, 2016. “Keeping in view the role and importance of Sebi as a regulator, it is desirable that persons with high integrity, eminence and reputation preferably with more than 25 years of professional experience and in the age group of 50 to 60 years may apply,” the notification read.
The appointment will be made by the Centre on recommendation of the Financial Sector Regulatory Appointments Search Committee (FSRASC), which is headed by Cabinet secretary and comprises the additional secretary to the Prime Minister, economic affairs secretary, and three outside experts.
Present Sebi Chairman Sinha, who was initially appointed for a 3-year term on February 18, 2011, was later given a 2-year extension.
Days before his last term was to end on February 17 this year, the government approved his re-appointment to the position till March 1, 2017. Last July, the government had initiated the search and selection process to find Sinha’s successor and it got as many as 50 applications.
State Bank of India chairman Arundhati Bhattacharya, Ramesh Abhishek (then Secretary, Performance Management); MS Sahoo (Member, Competition Commission of India); Rajeev Kumar Agarwal (Whole Time Member, SEBI); Thomas Mathew, Additional Secretary to the President of India; and two from the private sector, viz., Madhabi Puri Buch, CEO, ICICI Securities; and Vikram Limaye, MD & CEO, IDFC Ltd were shortlisted by the FSRASC for the position of Sebi chairman. However, the government had then decided to give one-year extension to Sinha.
The finance ministry on Monday said that the FSRASC is free to identify and recommend any other person also, on the basis of merits, who has not applied for the post.
“The chairman should be a person who does not, and will not have any such financial or other interests as are likely to affect prejudicially his functions as chairman,” the government said.