Lady IPS officer named Sebi executive director

The Securities and Exchange Board of India (Sebi) has brought in two new executive directors, sources told DNA.

While Pradnya Saravade, an Indian Police Service (IPS) officer has been serving as a vigilance officer on special duty in Sebi’s investigations department, the other executive director appointed is S Ravindran, who was the chief general manager with the regulator’s mutual fund department.

“Sebi very much needs an IPS officer and their experience is of great value in investigations,” said a person privy to the information.

Saravade was thus the perfect choice. She has also served the Central Bureau of Investigation. She probed the Pyramid Saimira scam last year, wherein a fake letter/order purportedly sent by Sebi, was palmed off in the media.

DNA had also erred in publishing the fake order in late December 2008.

Meanwhille, the regulator had in last December invited applications from candidates to fill up the positions of two executive directors on a deputation basis.

The officers needed to have a minimum two decades’ experience in securities markets law, investigation, finance, economics and accountancy.

It is not clear which areas the two new executive directors will look after.

“Generally they will join as executive directors and then the department will be decided,” said the source.

While three wholetime members — MS Sahoo, KM Abraham and Prashant Saran — joined the Sebi board last year, J Ranganayakulu, executive director (legal), was appointed in 2008.