Stock market regulator SEBI is looking to hire four executive directors (ED) in order to fill up vacancies that will be created in the near future.
SEBI has advertised four positions for EDs, of which one would be for legal affairs and other three for general functions. Incumbents from the private sector would be appointed on a contract basis and those from the bureaucracy or PSUs would come in on deputation to SEBI for a three-year period. The contract can be terminated by either side by giving three months' notice.
The outgoing executive directors are Mr J. Ranganayakulu, Mr J.N. Gupta, Mr K.N. Vaidyanathan, and Dr Pradnya Saravade whose contracts expire in end July. Mr Ranganayakulu, the executive director in charge of legal affairs has been ED at SEBI since August 2008 while Mr Gupta and Mr Vaidyanathan have been on board since July 2009.
Dr Pradnya Saravade, an IPS officer who had been heading SEBI's investigations department since July 2008, was appointed as ED only in May 2010.
A deviation
The erstwhile SEBI chairman Mr C.B. Bhave had brought in people from the private sector as EDs as against the usual practice of appointing bureaucrats and senior officials from RBI, banks or financial institutions for this position.
An ED at SEBI is entitled to a monthly salary of Rs 1.28 lakh with accommodation, and Rs 1.78 lakh without accommodation. In addition, he is entitled to benefits such as office car (petrol and maintenance), entertainment allowance, medical allowance, LFC, telephone and mobile, medical insurance, personal accident insurance, staff furnishing scheme, residential office allowance and the like.
Requirements
Indian citizens with a minimum of 20 years experience in the age group of 40-55 are eligible to apply. An Executive Director (General) at SEBI is expected to be an MBA (Finance), Chartered Accountant, Company Secretary, Cost Accountant, Chartered Financial Analyst, LLB or a post graduate in Economics. A minimum of 20 years of post qualification experience in dealing with problems relating to securities market or special knowledge / experience of law, investigation, finance, economics, accountancy, administration or any other discipline considered useful to SEBI is also required.
For Executive Director — Legal, an incumbent has to be a law graduate from a recognised university / institution with minimum 20 years of post qualification experience in dealing with problems relating to the securities market or special knowledge / experience of law.
Candidates coming on deputation from the government, PSUs, RBI, banks and financial institutions are also expected to have the same work experience as mentioned above for both positions. In addition they are expected to route their applications through their employers and furnish vigilance clearance for the last 10 years, as well as their annual confidential reports for the last three years with their applications.
All eligible applicants would be interviewed by SEBI. The last date for applying for these positions is July 1.