Sebi Begins Search For 2 Whole-Time Members, Applications Open Till June 30

India's market regulator, the Securities and Exchange Board of India (SEBI), is set to see changes in its top leadership as the government has started the process of appointing two new whole-time members (WTMs).

The Department of Economic Affairs (DEA) has invited applications for the positions, with the deadline set for June 30.

The move comes as the three-year terms of current WTMs Amarjeet Singh and Kamlesh Chandra Varshney are scheduled to end in September. While both are eligible for reappointment, subject to government approval, the recruitment process has been initiated to fill the upcoming vacancies.

SEBI currently has four whole-time members, including Singh, Varshney, Sandip Pradhan and KVR Murty, with the latter two being recent additions to the regulator's leadership team.

According to the vacancy notification issued by the DEA, applicants should possess high integrity, strong professional standing and significant experience in areas such as law, finance, economics, accountancy, administration or related fields relevant to financial market regulation.

Preference will be given to candidates with more than 20 years of professional experience, and the preferred age range is between 45 and 60 years.

The government has emphasised that candidates must not have any financial or other interests that could create a conflict with their responsibilities as a whole-time member of SEBI.

The positions are considered critical because WTMs play a central role in regulatory decision-making, market development initiatives, investigations and enforcement actions.

Under the rules, a whole-time member can serve for a period of up to five years and may be reappointed. However, no member can continue in office beyond the age of 65 years.

The appointments will be made by the central government based on recommendations from the Financial Sector Regulatory Appointments Search Committee (FSRASC). The committee also has the authority to identify and recommend suitable candidates who may not have formally applied for the role.

Selected candidates can choose between a salary structure equivalent to that of an additional secretary in the government or a consolidated monthly salary of Rs 5 lakh, excluding housing and vehicle benefits.

The recruitment process is expected to attract experienced professionals from across the financial and regulatory sectors.