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Experts on SEBI chief search panel chosen outside advice

The two expert members on the search panel formed to select current chief of the Securities and Exchange Board of India (SEBI), were not from the four names suggested by the then finance secretary, an RTI reply has revealed.

business Updated: Jan 15, 2012 21:44 IST

The two expert members on the search panel formed to select current chief of the Securities and Exchange Board of India (SEBI), were not from the four names suggested by the then finance secretary, an RTI reply has revealed.


The then finance secretary Ashok Chawla had in an August 2010 note suggested four experts — SA Dave, Deepak Satwalekar (ex-managing director, HDFC), Jayant Verma and Ravi Anshuman of the Indian institute of Management Ahmedabad and Bangalore respectively.

According to rules, the chief and members of SEBI have to be shortlisted by a committee comprising the cabinet secretary, economic affairs’ secretary, SEBI chairman and two experts from the relevant field.

Chawla’s communique was sent to Omita Paul, adviser to finance minister Pranab Mukherjee, who wrote: “The composition of the selection committee can be cabinet secretary, finance secretary, financial services secretary and two experts of eminence, who can be Suman K Bery, director-general, National Council of Applied Economic Research and Shekhar Chaudhuri, director, IIM, Calcutta.” This note was approved by Mukherjee.

The finance ministry has “no information” including file notings and comments by the selection committee members which chose UK Sinha as SEBI chief.