Government starts search for new Sebi chief

U K Sinha's tenure ends in 5 months; he was given a year's extension after govt couldn't find a suitable replacement

Five months before the tenure of Securities and Exchange Board of India (Sebi) Chairman UK Sinha concludes, the central government has begun the search for a new chief. Sinha was given a one-year extension as the government was unable to find a suitable replacement for the position.

Inviting applications, the finance ministry said the chairman would be appointed for a five-year period or up to the age of 65 years, whichever is earlier and will be eligible for re-appointment. The applications have been invited till October 21.

The chairman shall receive a consolidated pay package of Rs 4.5 lakh a month as recommended by the Seventh Pay Commission and subsequently accepted by government, the notification said.
 

“The appointment shall be made by the central government on recommendation of a search-cum-selection committee... It may, however, be noted that the search-cum-selection committee is free to identify and recommend any other person also, on the basis of merits, who has not applied for the post,” the finance ministry noted.

Sinha, a 1976 batch IAS officer of the Bihar cadre, was appointed as the Sebi chief on February 18, 2011, when the previous UPA government was in power. While Sinha was initially appointed for three years, he was later given a two-year extension. His term ends on March 1, 2017. He would be the second-longest serving chief in Sebi’s over two-decade history after D R Mehta, who was appointed chairman on February 21, 1995 and demitted office on February 20, 2002.

“Keeping in view the role and importance of Sebi as a regulator, it is desirable that persons with high integrity, eminence and reputation preferably with more than 25 years of professional experience and in the age group of 50-60 years may apply,” the ministry said in the notification.

The applications need to be accompanied by the candidate’s Annual Confidential Report/Annual Performance Appraisal Report of the last five years, vigilance clearance, no penalty and integrity certificate through “proper channel” in case of serving government officers and employees of PSUs, academic and research institutions, it said.

The applicant should be a “person of ability, integrity and standing who have shown capacity in dealing with problems pertaining to securities markets or have special knowledge or experience of law, finance, economics, accountancy, administration or in any other discipline, which in the opinion of the central government shall be useful to the Board are eligible for the position,” said the notification.