The selection process gets underway five months before U K Sinha's term ends on March 1, 2017
The government has begun the search for a new Securities and Exchange Board of India (Sebi) chairman, nearly five months before the incumbent U K Sinha steps down.
The new appointment will be made on recommendation of the search-cum-selection committee set up by the central government. Private sector individuals as well as civil servants can apply for the job, said the finance ministry on Monday.
Sinha's term ends on March 1, 2017.
Inviting applications, the finance ministry said in a notification that the chairman would be appointed for a five-year period or up to the age of 65 years, whichever is earlier and will be eligible for re-appointment. The applications will be accepted until October 21.
The chairman of Sebi will receive a consolidated pay package of Rs 4.5 lakh per month as recommended by the Seventh Pay Commission and subsequently accepted by government, said the notification.
"The appointment will be made by the central government on recommendation of a search-cum-selection committee... 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," noted finance ministry.
Sinha, a 1976 batch IAS officer of Bihar cadre, was given a year extension as the government was unable to find a suitable replacement for the position.
He was first appointed as the Sebi chairman on February 18, 2011, when the previous UPA government was in the power. While Sinha was initially appointed with a three-year term, he was later given a two-year extension.
"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 50-60 years may apply, ministry said in the notification.
The applicants should be "person of ability, integrity and standing who have shown capacity in dealing with problems pertaining to securities markets or have special knowledge or experience of law, finance, economics, accountancy, administration or in any other discipline, which in the opinion of the central government shall be useful to the Board are eligible for the position, said the notification.
The applications need to be accompanied by ACR/APAR (Annual Confidential Report/Annual Performance Appraisal Report) of the last five years, vigilance clearance, no penalty and integrity certificate through 'proper channel' in case of serving government officers and employees of PSUs, academic and research institutions, it said.
The Bihar-cadre IAS officer becomes the second-longest serving chief in Sebi's over two-decade history after DR Mehta.
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. In spite of shortlisting seven candidates, it later decided to give Sinha a one-year extension. The seven short-listed included SBI chairman Arundhati Bhattacharya, Additional Secretary to President, Thomas Mathew, former Forward Markets Commission (FMC) chairman Ramesh Abhishek, Sebi's whole-time member Rajeev Kumar Agarwal, Competition Commission member M S Sahoo, former ICICI Bank veteran Madhabi Puri Buch and IDFC's Vikram Limaye.
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