The Government on Monday has invited applications for the post of the Chairman of Securities and Exchange Board of India (SEBI). In a newspaper notice, the Ministry of Finance’s Department of Economic Affairs, invited the application for the new chairperson by February 17.
In the newspaper advertisements, the Department of Economic Affairs said, “Government of India invites applications for the eligible candidates for filling up the post of Chairman in Securities and Exchange Board of India (SEBI), Mumbai. The appointment shall be made for a maximum period of Five years from the dat of assumption of charge till attaining the age of 65 years of the appointee, whichever is earlier.”
In terms of salary, the ministry said that the appointee shall be paid a consolidated salary of Rs 5,62,500. There are two options to receive pay, per the ministry.
It said, “The Chairman shall have the option to receive pay – a) as admissible to a Secretary to the Government of India; or b) a consolidated salary of Rs 5,62,500 per month (without house and car).”
The tenure of current SEBI chairperson Madhabi Puri Buch will end on February 28. She took charge as the chief of the capital markets regulator on March 2, 2022. Prior to this, she was a whole-time member at SEBI for five years from April 2017 to March 2022.
Usually, the tenure of a SEBI chief is for three years. However, exceptions were made in cases of UK Sinha and Ajay Tyagi who served as chairperson of the capital markets regulator for six and five years, respectively. UK Sinha served as SEBI chairman from February 18, 2011, to March 1, 2017, while Ajay Tyagi’s tenure was from March 1, 2017, to February 28, 2022.