The Hindu Business Line : SEBI whole-time member puts in his papers?

The SEBI Chairman is yet to confirm the resignation. The SEBI Act calls for 3-month notice to Govt if a member wants to resign from the Board before his term ends.

Our Bureau

Mumbai, June 30 Dr T.C. Nair, whole-time member, Securities and Exchange Board of India, is believed to have submitted his resignation at the SEBI Board meeting held here on Saturday.

Though the reasons for his sudden decision to put in his paper is not known, SEBI sources said that Dr Nair has expressed unhappiness at the interference from the Government and the attitude of the Government nominees on the Board.

According to sources, at Saturday’s meeting Dr Nair submitted his resignation to the SEBI Chairman, Mr M. Damodaran. However, this could not be officially confirmed from the Chairman or any other official.

Sources in the know confirmed that Dr Nair put in his paper to the Chairman.

Resignation procedure

Technically it is only the Government that can accept the resignation of a member of the Board. As per the SEBI Act, if a member wants to resign from the Board before completing his term, he is required to give three months notice to the Government.

Dr Nair was in charge of the primary market, including matters relating to foreign institutional investors. He has recently issued a number of orders against brokers and sub-brokers, penalising them for violation of securities market regulations.

Dr Tumparambil Chandran Nair joined SEBI board on February 6, 2006 for a period of three years. Prior to this appointment, he was the Managing Director of Bharatiya Reserve Bank Note Mudran Lrd, Bangalore, a wholly owned subsidiary of the Reserve Bank of India.

He held various positions in the RBI including Chief General Manager in charge of external investments.

Saturday’s Board meeting is understood to have not taken up any of the scheduled items that were on the agenda. Among the many items expected to be taken up were consideration of the annual report of the Board, permitting short selling by institutional investors, procedure regarding the introduction of ‘exchangeable bonds’ — an instrument by which bonds issued by one company can be redeemed by the issue of equity by another company belonging to the same promoter group.

The absence of some of the members came in the way of these matters being taken up.

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SEBI whole-time member puts in his papers?