Former chairman of Canara Bank, S Raman, will soon join the Securities and Exchange Board of India (Sebi) as a whole-time member. According to sources, the government has given the final clearance for his appointment.
This would come as a welcome relief for the capital market regulator that has been facing a staff crunch at the highest level. Against the sanctioned strength of three members, Sebi is currently managing with only two ? Rajeev Agarwal and Prashant Saran.
?S Raman’s name figured among the four candidates that were short-listed by the selection panel and now the government has decided to go ahead with his appointment,? said a person familiar with the development.
Raman was one of the short-listed candidates selected by the government’s appointments committee. Prashant Saran, along with former Bank of India chairman Alok Misra and former Sebi executive director Usha Narayanan, were the other short-listed candidates.
Decision on transaction cost cut soon
The Sebi board is scheduled to meet on Saturday to decide on ways to lower the transaction costs. Also on the agenda is a simplified know your customer (KYC) framework and registration procedures for market intermediaries.
According to market participants, the issue of lowering transaction costs is high on Sebi radar, especially since the government is all set to kick-start its divestment programme later this month.
Reports also suggest that the regulator is mulling ways in which a single KYC can be done for the entire financial sector.