Capital markets watchdog Sebi is planning to hire two executive directors to beef up its resources for faster and more effective execution of regulatory work. Currently, Securities and Exchange Board of India (Sebi) has six executive directors (EDs), as per the regulator’s website. These EDs are P K Nagpal, J Ranganayakulu, S Ravindran, S V Murali Dhar Rao, S K Mohanty and Ananta Barua.
The markets regulator has invited applications for the post of EDs in general and legal streams. The appointments will either be on deputation or contractual basis, for an initial period of three years. The candidate should have at least 20 years of experience in dealing with problems related to securities market or special knowledge or experience of law such as corporate and securities, finance, economics, and accountancy.
The candidates can apply for the positions till July 7, Sebi said in a public notice. Earlier in May, Sebi decided to fill two-third executive director posts from within the organisation in order to encourage internal talent. The remaining one-third will be filled through deputation/contract.
Prior to that, 50 per cent of the total posts of executive directors had to be filled on the basis of internal candidates and the rest were to be recruited from outside the organisation.
The move comes after an employee association of Sebi, representing over 600 people, had sought the removal of a provision in their service rules that allowed the regulator to hire 50 per cent of its EDs on deputation, contract from outside the organisation.