The next chief of the market watchdog Securities and Exchanges Board of India will be paid only Rs 3 lakh a month.
The government has proposed a consolidated monthly salary of Rs 3 lakh for the market regulator’s next chairman — an annual package of Rs 36 lakh to head an outfit that regulates all listed companies.
The salary package of current SEBI Chairman C.B. Bhave, whose term ends in February 2011, could not be ascertained.
As per the latest data, at least 265 companies have disclosed having paid annual remuneration of R1 crore to their chiefs and other top management during 2009-10. Many of them are paid more than R10 crore a year as remuneration.
The same is the case for the banking regulator RBI, whose Governor gets a salary far less than most of the banks operating in the country.
Ironically, banks need RBI’s approval for the salary paid to their chiefs, although the listed companies do not need any clearance from SEBI for salaries paid to their CEOs. The salaries of both RBI and SEBI chiefs are decided by the Central Government.