RBI had already agreed to relieve Mr Mishra who has been CGM for over three and half years. Finance ministry sources told FE that finance minister Jaswant Singh has given approval for Mr Mishras appointment of Sebi ED.
The secretary (financial services) has already conveyed Mr Singhs consent to Sebi chairman.
The finance ministry had received in all five names of prospective candidates from Sebi. These were PK Mishra, DS Nagi (RBI CGM with tenure of 2 years), Prashant Saran (RBI CGM 2 years), RM Deole (RBI CGM 2 years) and Mr Philips (IDBI CGM 2 and half years).
Sebi had shortlisted names of Mr Mishra and Mr Philips and later forwarded them to the finance ministry.
Mr Mishra has wide experience in investigation while Mr Philips has earlier worked as executive assistant to Sebis former chairman and has experience in human resource development and administration.
Currently, there are four EDs at Sebi comprising CS Kahlon (Indian Revenue Service since 2001 and handing over in May 2004), Pratip Kar (internal since 1992 and handing over in 2012), RS Loona (from IDBI, appointed in 2003 till 2005) and SC Das (from SBI, since 2003 till 2005).
According to sources, the posts of ED in Sebi can be filled through promotion, deputation (from government, RBI, banks, financial institutions and academic institutions), direct recruitment and on contract basis.
The mode of recruitment has been incorporated in the Schedule of Sebi (employees service) regulations 2001.
The chairman and two other members of the board constitute the selection committee whose recommendation is placed before the board before an appointment letter/deputation offer is made to the candidate. The terms and conditions of deputation are finalised in consultation with the lending organisation.