UK Sinha, the newly-appointed chairman of the Securities and Exchange Board of India (SEBI), will soon have six new members in his team.
The market regulator has invited applications for recruitment of four new executive directors (3 general and 1 legal) to replace the incumbent ones.
This is in addition to the recruitment of two new whole-time members for which the government has initiated the process.
SEBI has invited applications through an advertisement for the post of executive director on a three-year contract or on deputation basis. The incumbent EDs are currently looking after some key departments including mutual, funds, capital markets and legal affairs.
Tenures of four executive directors — JN Gupta (secondary markets), KN Vaidyanathan (mutual funds), J Ranganayakulu (legal affairs) and Pradnya Saravade (investigations) — will come to an end in the next couple months.
Interestingly, neither the tenures of the two whole-time members nor that of four executive directors has been considered for an extension.
The Centre has already initiated the process to replace whole-time members MS Sahoo and KM Abraham, whose three-year term will come to an end in July.
SEBI will pay a gross monthly emolument of up to Rs. 1.8 lakh along with certain additional benefits to the EDs.