The Finance Ministry has started scouting for two whole-time members for the Securities and Exchange Board of India.
One post of whole-time member is already vacant, while another position will fall vacant when Mr Prashant Saran's three-year term expires in May.
The Government has announced a five-year tenor to whole–time members of SEBI. In case an incumbent attains 65 years of age prior to completing the tenor he would have to demit office.
Existing whole-time members are also eligible for re-appointment. The Centre has clarified that serving Government servants are expected to resign from their service if they are selected for appointment as a whole time member. Incumbents have the option of choosing between a consolidated salary of Rs 2.5 lakh a month or the pay scale as admissible to an Additional Secretary in the Union Government.
A whole-time member should have special knowledge or experience of law, finance, economics, accountancy, administration or any other discipline useful to SEBI.