National Institute of Securities Market (NISM),set up by market regulator Sebi,has initiated afresh its search for a director after an earlier attempt started about a year ago failed to fill up the position.
Sebi’s Executive Director P K Nagpal has been given the additional charge of NISM,which was set up by the market regulator in 2006 for knowledge dissemination in the field of securities market and runs six schools currently.
The appointment will be done by Sebi,which has sought applications from eligible candidates by November 15.
NISM had earlier begun a process for appointment of a Director in October 2011 after the resignation of G Sethu,who had been handling the affairs at the institute since May 2006 as Officer on Special Duty In-Charge of NISM.
However,a final appointment could not be made,as the selected candidate expressed his unwillingness to join within the stipulated time,a senior official said.
Sebi’s board has been informed about the developments at NISM,where Sebi Chairman serves as ex-officio Chairman and is authorised to appoint a Director from a panel of 3-4 names recommended by a search committee,the official said.
Pursuant to a request from NISM for deputing one of its Executive Directors to handle the functioning of the institute till the time a full-time appointment is made,Nagpal was given the additional charge for the interim period.
In February,10 candidates were called for interview before NISM’s Search and Selection Committee,which had short-listed three names — P C Narayan,Sunder Ram Korvi and P K Jaishankar.
An offer of appointment was made to Narayan,asking him to join by July 2,2012. However,he expressed inability to take up the position until December 15,2012.
Consequently,NISM’s board noted that it was not clear whether Narayan was willing to join even after December 15,and did not find the other two short-listed candidates suitable for the post.
The Board decided that the earlier process for the appointment may be closed off.
Noting that a fresh process may be a long-draw exercise,the NISM Board suggested that Sebi Chairman might consider deputing an Executive Director to take care of the functioning.
Sebi has also designated its Chief General Manager G P Garg as Registrar,NISM,after the resignation of M L Soneji as the institute’s Registrar and officiating Director.
The board of market regulatory authority has also been informed about a new campus being developed by NISM at Patalganga. The project is expected to be completed by the end of 2015.