The government on Monday kicked-started the search for the chairman of the Securities and Exchange Board of India (Sebi) to succeed UK Sinha, whose tenure ends on March 1, 2017.
The finance ministry has put out an advertisement on its website seeking applications from eligible candidates. The appointment will be made by the government on recommendation of the Financial Sector Regulatory Appointments Search Committee, headed by the Cabinet secretary.
According to the eligibility criteria advertised, persons in the age group of 50-60 having experience in the securities market and related fields will be considered for the post. Candidates should have 25 years of professional experience. The Sebi chief will draw a consolidated pay of Rs 4,50,000/month. The applications for the post should be filed latest by October 21, 2016.
Besides the applicants, the search committee is also free to identify and recommend any other person, on the basis of merit, who has not applied for the post.
Sinha’s six-year tenure (initially appointed for three years, following which he got a two-year extension later and re-appointed for one more year) is scheduled to end on March 1 next year. Sinha is the second longest-serving chief of Sebi in its 28 years of history after DR Mehta’s term of seven years between February 21, 1995, and February 20, 2002.
The Centre had reappointed Sinha for one more year in February this year, just days ahead of his tenure was to end, as it could not make up its mind on candidates who had applied for the post in response to its advertisement. As per rules, Sebi chairman is appointed for a five-year term or till he attains the age of 65, whichever is earlier. The person is also eligible for reappointment. Sinha would be 65 by March next year.