Markets regulator Sebi is expected to appoint ninth executive director (ED) from internal candidates in order to ensure that posts filled with external applicants remain within 50 per cent limit.
Under Sebi rule, 50 per cent of the total post of executive directors should be filled in from internal candidates and the remaining 50 per cent are to be recruited from outside the organisation.
After deliberation, Sebi has decided to appoint the ninth executive director from within the organisation, sources said.
“It would be more appropriate to recruit the ninth ED from internal candidates instead of recruiting a specialised ED-Strategy, Research and Planning as proposed,” a senior official said.
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Meanwhile, an employee association of Sebi, representing over 600 employees, has recently asked for removal of a provision in their service rules that allows the regulator to hire 50 per cent of its EDs on deputation, contract from outside the organisation.
Earlier in November, the Securities and Exchange Board of India (Sebi) had initiated the process of recruiting two executive directors to replace Gyan Bhushan and R K Padmanabhan.
Currently, Sebi has six executive directors, who report to Sebi whole-time member S Raman. These EDs are S Ravindran, S V Murali Dhar Rao, P K Nagpal, J Ranganayakulu, S K Mohanty and Ananta Barua.