Govt starts selection process for new Sebi Chairman

New Delhi: Government has initiated the search for successor to Sebi Chairman U K Sinha, whose extended term ends on March 1, 2017.

Inviting applications, the Finance Ministry said in a notification that the Chairman would be appointed for a 5-year period or up to the age of 65 years, whichever is earlier. Besides, he would be eligible for re-appointment.

The applications have been invited by October 21, 2016.

Sinha, who became Chairman of the Securities and Exchange Board of India (Sebi) on February 18, 2011, was initially appointed for a 3-year term and was later given a 2-year extension.

Days before his last term was to end on February 17, the government approved his re-appointment to the position from February 18 till March 1 next year.

"Applications are invited from the eligible candidates for filling up the post of Chairman in the Sebi," the Finance Ministry said.

The Sebi Chairman will get consolidated pay package of Rs 4.5 lakh per month.

The appointment will be made by the central government on recommendation of the Financial Sector Regulatory Appointments Search Committee (FSRASC).

"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 to 60 years may apply" till October 21, the ministry said in a notice.

In July last year, the government had initiated the search and selection process to find Sinha's successor and it got as many as 50 applications.

Despite, shortlisting seven candidates decided to give one year extension to Sinha.

Interested candidates can apply to the Department of Economic Affairs in the Finance Ministry.