Madhabi Puri, 3 secretaries in race for SEBI chairman

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SME Times News Bureau | 20 Feb, 2020
The race for SEBI chairman has picked momentum with the current whole-time member of the market regulator Madhabi Puri Buch leading the race as the current incumbent Ajay Tyagi will demit office on February 28.

Apart from Puri's experience with market, government is also keen for a first woman to head SEBI. But that said, the criteria for heading SEBI is certainly not gender based and the selection would be only on the eligibility parameters set by the selection panel headed by Cabinet secretary Rajiv Gauba. The Sebi chairman's position equals that of a secretary in the government.

The selection panel is expected to meet by the middle of next week to take a call on the appointments.

The Centre had called for applications from interested candidates before February 10 after inviting applications from candidates from January last week through a public notice.

The appointment will be subject to vigilance clearance and other prescribed processes, it said.

The candidates will be shortlisted by The Financial Sector Regulatory Appointments Search Committee (FSRASC), which then will recommend the shortlist to the government. The FSRASC, headed by cabinet secretary Rajiv Gauba, is a panel that selects regulatory chiefs in India.

Sources said two top finance ministry bureaucrats -- Finance secretary Rajeev Kumar, DEA Secretary Atanu Chakraborty are also in the list of candidates. Injeti Srinivas, secretary, ministry of corporate affairs who was earlier on SEBI board is also there. All three are due for retirements.

It is government's prerogative to call any candidate it deems fit to be SEBI chairman even without the person formally applying. The high profile case of NSE co-location scam saw finality during Tyagi's time with SEBI imposing penalty on NSE and other restrictions for its alleged involvement.

Tyagi is also eligible for a new term if selected till he attains 65 years of age. U.K. Sinha, Tyagi's predecessor was given an extension, being the chairman of SEBI for six years. Sebi's whole-time member Madhabi Puri Buch's term ends in April this year.

N.S. Vishwanathan, currently on the board of Sebi, is also on the list of candidates.