On Sebi diktat, mutual funds step up hunt for risk professionals

The hiring spree is expected to jack up costs for the industry

A regulatory diktat has triggered a rush for risk professionals among asset managers, bringing what is essentially a low-key, back-office profile into the spotlight.

In a circular issued in September last year, the Securities and Exchange Board of India (Sebi) had asked asset management companies (AMCs) to appoint dedicated risk officers for managing investment, compliance, operational, and cyber risks, along with a chief risk officer (CRO) by April 1, 2022.

More than a third of the 44 AMCs did not have a CRO until last year and the mandate has turbocharged a search for talent — with banks, NBFCs, insurance companies, and