Capital market regulator SEBI today began the process for hiring 75 officers as part of a plan to beef up its headcount for faster and more effective execution of newly granted powers.
Currently the regulator has a workforce of about 600 officers.
The recruitment drive has begun after the Government decided to grant greater execution powers and a larger oversight role against potential investment fraud that would require SEBI to have a much larger workforce.
Besides, the capital market regulator is opening local offices on a pan-India basis for enhanced investor awareness and services that require additional manpower.
The Securities and Exchange Board of India (SEBI) has invited applications for the post of Officer Grade A. The candidates can apply for the positions between August 12-26.
SEBI would select the officers through a written examination followed by an interview. The regulator is offering an annual package of Rs 11 lakh for the post.
An independent consultant recently suggested SEBI increase its workforce to about 1,000 employees in order to meet future manpower requirements to take full ownership of regulatory oversight of all investment schemes besides staff requirement in regional offices as well as local offices.
The staff strength also needs to be enhanced to meet its future role and functions.