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At least three current officials of SEBI and a former member are in the race for the role of wholetime member on the market regulator’s board.
Current SEBI Executive Directors — J Ranganayakulu, SK Mohanty, Ananta Barua — and a former wholetime member, Rajeev Agarwal, are among the dozen applicants for the post, two sources close to the development told BusinessLine .
A name is expected to be finalised by the end of the month after the shortlisted candidates are interviewed. SEBI has three wholetime member’s post and one will fall vacant in September when S Raman, who handles both legal and investigations department, retires.
The other departments under Raman include Corporate Finance, Special Enforcement Cell, and Commodity Derivatives.
While Agarwal has experience as a wholetime member, the three EDs have been associated in several legal matters of SEBI.
While Agarwal and Ranganayakulu could not be contacted for comments, Barua and Mohanty declined to offer any.
SEBI will also be looking for another legal head as Ranganayakulu, who was heading the department, retired this month.
Both open posts have become crucial in the wake of the ongoing probe into the algo-related matter and proposed consent settlement of the National Stock Exchange (NSE).
Reliance Industries (RIL) too will closely watch the progress of the NSE case and the consent settlement as SEBI had rejected the former’s consent plea in a case related to alleged unfair trade practices.
SEBI has banned RIL from the equity derivatives market for a year.
SEBI had also imposed a penalty of around ₹1,300 crore on the company, which has been challenged before the Securities and Appellate Tribunal.
A legal expert involved with SEBI’s working said, “The posts of wholetime member and legal head are important for SEBI not only in terms of RIL and the NSE case but even as sensitive cases involving promoters of other major companies are pending with the regulator.”
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