Finance ministry open to private sector experts for PFRDA top post

Written by Raj Kumar Ray | New Delhi | Updated: Nov 28 2013, 18:54pm hrs
In line with the policy of manning regulatory bodies with experts, the finance ministry has sought applications from experts in the private sector and academia, apart from senior bureaucrats, for the post of chairman of Pension Fund regulatory and Development Authority (PFRDA).

"Private sector applicants should have worked at the level of CEO/CFO/COO or equivalent level. Academics should have worked at least as Professor in the Department or the faculty concerned," said the finance ministry circular for appointment of PFRDA chairman.

Apart from the desired proven ability, the ministry said the applicants must have "knowledge and experience in economics or finance or law".

In the recent past, the government has appointed professionals including eminent economists at the helm of regulatory bodies. Former IMF chief economist Raghuram Rajan has been appointed as the governor of Reserve Bank of India while former Life Insurance Corporation chairman TS Vijayan has made it to IRDA top post.

The PFRDA chairman's post, which will be for five years, is open to bureaucrats and PSU top officials as well. Government servants having worked as secretary or additional secretary to the government, or its equivalent level in state governments, will be eligible to apply. Public sector officials should have worked at least one level immediately below the Board level while applicants from the regulatory sector should have worked at least as executive director in the regulatory body, the ministry said in the circular.

The top post at PFRDA fell vacant after Yogesh Agarwal stepped down before completing his term of five years.