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Panel to choose new ED for Delhi bourse

S. Muralidhar

K.R. Srivats

NEW DELHI, Dec. 11

THE Securities and Exchange Board of India (SEBI) has set up a five-member committee to recommend the next Executive Director (ED) of the Delhi Stock Exchange (DSE). The term of the current ED, Mr S.S Sodhi, which expires on Tuesday, is likely to be exte nded till the committee recommends the new appointment.

Talking to the Business Line, Mr D.R. Mehta, Chairman, SEBI, said that the five-member committee would be headed by Mr S.S. Kohli, Chairman and Managing Director of Punjab National Bank, and would include Mr Pratip Kar, Senior Executive Director, Seconda ry Markets, SEBI, Mr S.L. Gupta, Vice President of DSE, Mr Amal Ganguli, Senior Partner of PricewaterhouseCoopers (PwC) and Mr Pritam Singh, Director of IIM Lucknow.

The committee, which is expected to meet and commence work on its recommendations later this week, is expected to screen and identify the new incumbent from out of the 60-70 applications that have been received till now. DSE sources said that Mr Sodhi ha d not applied for re-election as the ED.

The committee would submit its recommendation to the SEBI Board, Mr Mehta said. The market watchdog has, in the meanwhile, decided to temporarily extend Mr Sodhi's term (who has already been in office for the past five years) and directed him to stay at the helm of the capital's stock exchange, until the new candidate takes office.

The DSE board has 17 members, including eight directors, five public representatives and three representatives -- one each from SEBI, the Registrar of Companies (RoC) and the State Government -- apart from the Executive Director.