Sev­eral in the Race for Sebi Whole-time Di­rec­tor’s Post

SHIFT­ING GEARS In­cum­bent Saran re­tires by May-end; Ran­ganayakulu front-run­ner

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Mum­bai: The gov­ern­ment has re­ceived sev­eral ap­pli­ca­tions for the whole-time mem­ber’s post in mar­kets reg­u­la­tor Se­cu­ri­ties and Ex­change Board of In­dia (Sebi). The term of cur­rent full-time mem­ber Prashant Saran will end in May. The gov­ern­ment has re­ceived ap­pli­ca­tions from serv­ing Sebi of­fi­cials, se­nior bankers and econ­o­mists, sources said.

About half a dozen Sebi of­fi­cials, in­clud­ing ex­ec­u­tive direc­tors J Ran­ganayakulu, head of le­gal ser­vices and en­force­ment depart­ment; Ananta Barua, who han­dles for­eign port­fo­lio in­vestors, mu­tual funds and col­lec­tive in­vest­ment schemes; PK Nag­pal, in-charge of cor­po­rate finance divi­sion; chief general man­agers, in­clud­ing Suresh Gupta, ad­ju­di­cat­ing of­fi­cer; PK Bindlish, in-charge of the com­mod­ity de­riv­a­tives depart­ment and Na­gen­dra Parakh, for­merly with For­ward Mar­kets Com­mis­sion (now merged with Sebi) are said to be in the fray for the post.

Ac­cord­ing to sources, Ran­ganayakulu is seen as the front-run­ner for the whole-time mem­ber’s post as he has han­dled sev­eral high-pro­file cases of Sebi such as Sa­hara and Bank of Ra­jasthan. Be­sides, the Fi­nan­cial Sec­tor Leg­isla­tive Re­forms Com­mis­sion (FSLRC) has rec­om­mended that one of the board mem­bers should be from a le­gal back­ground.

A panel headed by the cab­i­net se- cre­tary will se­lect the new mem­ber. The gov­ern­ment is yet to in­vite the ap­pli­cants for the in­ter­view.

Among Sebi’s three whole-time mem­bers, Prashant Saran, a for­mer chief general man­ager at the Re­serve Bank of In­dia, will com­plete his seven-year term in May and is in-charge of in­ves­ti­ga­tions and cor­po­rate finance divi­sion. The other two are--Rajeev Agar­wal, a for­mer of­fi­cial of the In­dian Rev­enue Ser­vice and S Raman, for­mer chair­man and manag­ing di­rec­tor of Ca­nara Bank. Agar­wal will com­plete his five-year term by this year-end, while Raman’s term will end in 2017.

Be­sides Sebi chief and three full-time mem­bers, the board has four direc­tors rep­re­sent­ing RBI, the min­istries of finance and cor­po­rate af­fairs and an in­de­pen­dent di­rec­tor.

Last month, the finance min­istry started the se­lec­tion process and had in­vited ap­pli­ca­tions by March 11.The gov­ern­ment said the fi­nal ap­point­ment will be made based on the rec­om­men­da­tion of the fi­nan­cial sec­tor reg­u­la­tory ap­point­ments search com­mit­tee. The panel is also free to iden­tify and rec­om­mend any other per­son, on the ba­sis of merit, who has not ap­plied for the post.

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