Govt begins search for 2 whole-time SEBI members; invites applications

New Delhi: The Government has invited applications to fill two whole-time member posts at markets regulator Securities and Exchange Board of India (SEBI).

Currently, there are four whole-time members (WTMs), including Kamlesh Chandra Varshney, Amarjeet Singh, Sandip Pradhan and KVR Murty. Varshney and Singh will complete their three-year tenure in September, although they are eligible for reappointment since the upper age limit for a Sebi WTM is 65 years.

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The SEBI board comprises a chairman, four full-time members and four part-time members.

According to a notification issued by the Department of Economic Affairs (DEA) under the Ministry of Finance, dated May 26, applications have been "invited from eligible candidates for filling up two posts of Whole Time Member (WTM) in the Securities and Exchange Board of India (SEBI)".

It stated that the tenure of a Whole-Time Member will be up to five years. This is subject to the condition that the appointee will not continue beyond the age of 65 years. However, reappointment is permissible under the applicable rules. The government sought applications from persons with high integrity, eminence and reputation,preferably with more than 20 years of professional experience and in the 45 to 60 age group.

The applicant should be a person of ability, integrity and standing who has shown capacity in dealing with problems relating to securities markets or possesses special knowledge or experience in law, finance, economics, accountancy, administration or any other discipline that the Central Government deems useful to Sebi.

"The Whole Time Member should be a person who does not, and will not have any such financial or other interests as are likely to affect prejudicially his functions as the Whole Time Member," it added.

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The eligible candidates can apply for the positions by June 30. The appointments will be made by the Central Government based on the Financial Sector Regulatory Appointments Search Committee's (FSRASC) recommendation. Also, FSRASC is free to identify and recommend any other person who has not applied for the post, based on merit.

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