Former Governors of Reserve Bank of India I G Patel and PNarsimham are among those who are being considered for the top slot of the Commission, which is being revived to process and recommend more PSUs for divestment, government sources said.

While Patel had held the position of Union FinanceSecretary, Narasimham is better known for his recommendations on Financial sector reforms, which have become the basis for second generation of reforms.

The Department of Disinvestment is likely to present thenames of shortlisted candidates to Prime Minister Atal Bihari Vajpayee for approval before a final announcement on the reconstituted Commission was made next month.

When contacted Department of Disinvestment (DoD) seniorofficials confirmed the move about the initiation of process but refused to give any detail.

Sources said that new incumbent would necessarily have tohave some expertise in the capital market and Financial administration along with an indepth knowledge about the working of PSUs and added that some members of the erstwhile Commission could be considered for renomination.

They said that commission should be in place by nextmonthe and pointed out that the revised structure would be advisory in nature, the same as the first Commission headed by G V Ramakrishna whose term expired in December last year.