Sebi to hire more legal professionals

Mumbai | Updated: Dec 30 2008, 05:43am hrs
Market watchdog SEBI has called for applications from legal professionals to strengthen its legal team, according to information available on the regulators website.

The watchdog has called for applications for the post of Deputy Legal Adviser(s) to strengthen its legal team, tighten regulations and take enforcement actions.

In light of SEBIs efforts to tighten its regulations and taking enforcement actions, the recruitment of deputy legal advisers assume significance, it said. According to SEBI Annual Report, 3,656 cases were pending for Enforcement Actions as on March 31. Last year, Sebi had introduced the Consent Order scheme with 350 Consent Orders already having been passed.

Sebi currently has two legal advisers and three deputy legal advisers in its Legal Department at its Head Office, it said.

Sebi has an Executive Director (Law) who looksafter the legal affairs and the Enforcement Departments. While Legal Affairs provides legal counsel to the Board and its other departments, the Enforcement Department is reponsible for proceedings related to regulatory action and obtaining redress for violation of securities laws. The enforcement department also takes care of proceedings related to regulatory action against all market participants, issuers and individuals.