Centre invites applications for post of SEBI chief
The Centre has invited applications for the post of Chairman in the Securities and Exchange Board of India (SEBI).
The appointment would be made for a maximum period of five years from the date of assumption or till the appointee attains the age of 65 years, whichever is earlier, according to an advertisement put out by the Department of Economic Affairs in the Finance Ministry.
The last date for sending in applications is February 17.
The term of the incumbent SEBI Chairperson Madhabhi Puri Buch ends on February 28.
In March 2022, Buch, an investment banker with impeccable academic pedigree, became the first woman to lead SEBI. She was appointed as SEBI Whole Time Member in 2017, where she managed key portfolios such as Surveillance and Mutual Funds.
Re-appointment
Meanwhile, the latest vacancy circular issued by the DEA specifies that the appointed person would be eligible for re-appointment. The Finance Ministry circular has also specified a dual compensation structure for SEBI Chief post. SEBI Chairman will have an option to receive pay — (a) as admissible to the Secretary to Government of India; or (b) consolidated salary of ₹ 5,62,500 per month (without house and car).
SEBI Chairperson is appointed by the Central Government on the recommendations of the Financial Sector Regulatory Appointments Search Committee (FSRASC).
FSRASC is also free to identify and recommend any other person, who has not applied for the post, on the basis of merit.
Also, an extension in the term of Buch cannot be ruled out if a suitable candidate is not found when her term ends on February 28, economy watchers said. Already several bureaucrats are looking to throw in their hats for one of the most coveted regulatory post in the country, they added.
The FInance Ministry has now left the post open to private sector applicants too. It however noted that keeping in view the role and importance of SEBI as a regulator, it is desirable that persons with high integrity, eminence and reputation, preferably above 50 years, with more than 25 years of professional experience may apply, the latest DEA circular said.
