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J Ranganayakulu, a former Executive Director and head of legal affairs at SEBI, is a frontrunner for the post of Whole Time Member (WTM) with the market regulator, two sources told BusinessLine .
The post fell vacant after S Raman, who handled the legal and investigation departments at SEBI, retired.
Sanjeev Kaushik, a 1992 batch IAS officer, was appointed WTM, but he refused to take it up as he was asked to resign from government service. Kaushik had 12 years of service left but his appointment with SEBI was only for three years. Ranganayakulu was shortlisted and both the Centre and SEBI are now keen to make him a WTM thanks to his long experience with the regulator, sources said. SEBI has to fill two WTM posts and after Ranganayakulu’s appointment, one more candidate from those shortlisted earlier will be looked at.
Seven people were shortlisted for the final interview for the post in September last year. They include Ashwani Kumar, Chairman & MD of Dena Bank; Shashank Saksena, Joint Secretary, Department of Economic Affairs in Finance Ministry; Rajiv Nabar, Principal Commissioner, Income Tax Department; and PK Nagpal, ED, SEBI. SK Mohanty and Ananta Barua were the other SEBI officials who were being considered for interview for the post.
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