Sebi might get fourth wholetime member

Govt mulls proposal to create a new position, to oversee commodities, legal affairs

The central government is deliberating on a proposal to create a position of a fourth wholetime member (WTM) at the Securities and Exchange Board of India (Sebi).

Work load on existing members at the markets regulator has increased after the merger into it of the commodities market regulator, Forward Markets Commission (FMC). Sources say Sebi recently requested the Centre to consider an additional member on its board, to oversee commodity markets functions.

"The workload has increased manifold for top officials, especially with some positions vacant for quite some time in the recent past," said someone privy to the development.

If a new WTM