31 Dec 2016 20:12 IST

Selection process for new SEBI chairman hots up

50 candidates have applied for the post

Almost 50 people have applied for the top job at the country’s capital market regulator SEBI.

“Close to 50 applications have been received. The candidates are being short-listed and the interviews will begin by early next month,” said a person familiar with the development. Sources said senior bureaucrats, economists and some private sector employees have applied for the post.

Front runners

Power Secretary PK Pujari and Additional Secretary in Department of Economic Affairs Ajay Tyagi are seen as the front-runners. Disinvestment Secretary Neeraj Kumar Gupta is also understood to have applied for the post, while Economic Affairs Secretary Shaktikanta Das could be a contender.

The Financial Sector Regulatory Appointments Committee, which is in charge of short-listing candidates, will now recommend candidates. Based on the recommendations, the government will take a decision.

Alternatively, the committee is also free to identity and recommend any person who may not have applied for the post on the basis of merit.

The Finance Ministry had in September invited applications for the post of SEBI Chairperson.

The government has another two months to find a successor to SEBI chief UK Sinha, whose term comes to an end in February.

Sinha, who was appointed for a three-year term in 2011, had previously been given a two-year extension. In an unprecedented move, the Centre had given him a one-year extension this February.

According to the Finance Ministry advertisement, candidates should ideally be between 50 and 60 years of age with at least 25 years of work experience. The SEBI chief can hold office up to the age of 65 and will be offered a salary of ₹4.5 lakh per month.

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