SEBI to recruit more professionals

The regulator, which at present employs 535 people including 403 officers, may recruit 100 more officers.

Capital market regulator SEBI, which according to USAID lacks enough skilled manpower, is expected to increase its officers' strength by about 100 in the coming year.

HT Image

The regulator, which at present employs 535 people including 403 officers, may recruit 100 more officers as part of its ongoing policy of inducting professionals from business and law schools, a senior SEBI official said in Mumbai.

This will be a significant increase compared to 288 officers it had as of March 2006.

In a recent report on "Deepening India's Capital Market: the Way Forward", USAID had stressed the need for recruiting more staff.

"While SEBI continues actively to recruit and train professionals, it lacks the required levels of trained staff to conduct effective surveillance, investigation and enforcement," the report had said.

SEBI Chairman M Damodaran himself had recently interacted with students in business schools and law schools.

"This shows the importance attached to the recruitment process," the SEBI official said.

Asked whether there was sufficient staff for carrying out the regulatory work, an official said that there was a need for more staff to carry out all its activities and SEBI has been addressing this issue in the right earnest.

SEBI had also embarked on a major training programme for all its employees. This year all categories of employees were imparted training in managerial effectiveness with the collaboration of NISM.

Faculty from one of the IIMs, co-ordinated the one week training programme. Employees are also sent abroad for training as also attending seminars.