Several in the Race for Sebi Whole-time Director’s Post
SHIFTING GEARS Incumbent Saran retires by May-end; Ranganayakulu front-runner
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.