Formal search for new SEBI chairman initiated by government

SEBI would soon get to see its new chairman as the government has initiated the formal search process.

It has invited applications from interested candidates for the post. The tenure of the current Sebi chief U K Sinha will be coming to an end in February,2016. According to market rumours, the names doing the rounds are of Rajeev Kumar Agarwal, whole-time member of Sebi and two other senior bureaucrats who are in the race for the post.

The advertisement put out by the finance ministry on August 24 said the chairman would hold office for a five year period or till he reaches 65 years of age,whichever is earlier.He would also be eligible for re-appointment.

The appointment would be made based on the recommendation of a search-cum-selection committee,headed by the cabinet secretary.

"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 advertisement post on the finance ministry website said.

The Sebi chairman would have an option to receive either a fixed pay of Rs 80,000 as admissible to a secretary to government of India or a consolidated salary of Rs 450,000 per month.

Sinha,a Bihar cadre IAS officer, was appointed as the chairman of Sebi in February 2011, succeeding C B Bhave.He was initially appointed for a period of three years and later on his term was extended by another two years.

(Image credits: Indiatimes)