SEBI has received 77,000 applications for 120 entry-level positions of assistant manager, but only one for executive director — legal, sources in the organisation told BusinessLine .
The entry-level posts comes with a salary package of over ₹12 lakh a year, which draws young recruits.
But most experienced people at SEBI who may qualify for the post of ED can earn much more elsewhere, and therefore have shown no interest, former SEBI officials say. Also, given the general perception that only those with political or bureaucratic patronage can land high positions at SEBI and the RBI, most candidates are wary of applying for senior positions at regulatory bodies.
According to SEBI observers, in recent years, EDs at SEBI were typically handpicked by the board Chairman who wanted the organisation to function in a certain manner. However, Ajay Tyagi, the current Chairman, has so far steered clear of any such controversy over appointments.
While a GM-level official at a public sector bank has applied for the post of ED, SEBI’s internal candidates for the post include Babita Rayudu, currently CGM — Legal Affairs; Amit Pradhan, CGM — Enforcement; and Santosh Shukla, CGM, Inquiry and Adjudication Department, sources said.
SEBI employees recently staged a mass protest over human resource and promotion policies. SEBI recently changed its minimum service requirement for promotion to five years from three, which affected the promotion prospects of many employees.
Even so, there are many within the organisation who are upset, as they are not being considered eligible for interviews for the vacant ED post although they are qualified.
The interviews for the post of ED - Legal are likely to be held on November 22. SEBI has been increasing its staff strength to handle more work and has even purchased a sprawling place nearby for around ₹1,000 crore to accommodate more people.