The Hindu Business Line : Regulatory careers may become enriching

New Delhi, March 24 Joining a regulatory body could become an enriching experience not just in terms of work profile but monetarily as well – if the Government accepts the recommendations of Sixth Pay Commission.

In a move to attract expertise from outside the government, the Commission has called for de-linking the salaries of the top officials (chairperson and members) in regulatory bodies.

Calling for an increase in the salary of chairpersons of regulators, including SEBI, TRAI, CERC and IRDA, to up to Rs 3 lakh per month, the commission headed by Justice B N Srikrishna, has become the first to make recommendations on the structure of emoluments in regulatory bodies.

According to the recommendations submitted to the government today, those appointed as members through the revised process should be paid a consolidated salary of Rs 1.5 lakh per month, while the chairperson may be paid Rs 2 lakh per month, in case a car and house are provided.

In case no car and house are given, the chairperson should be paid a consolidated monthly salary of Rs 3 lakh and members Rs 2.5 lakh.

“The proposed salary is considered adequate for attracting experts in the field, who, in the Commission’s view are not looking just at the monetary compensation but also at the prestige involved in and the contribution which can be made by a regulator in the development of the sector and the economy as a whole,” the report stated.

The rates of consolidated salary of top officials in Securities and Exchange Board of India (SEBI), Telecom Regulatory Authority of India (Trai), Central Electricity Regulatory Commission (CERC), Insurance Regulatory and Development Authority (IRDA) and the Competition Commission of India (CCI) may be taken up for revision periodically by the government so as to neutralise the effect of inflation, it said.

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