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To beef up its surveillance and enforcement teams, capital markets regulator Securities and Exchange Board of India (SEBI) has decided to hire 50 officers this year, including on deputation from tax departments and other government institutions.
As part of its recruitment plan for the fiscal 2015-16, SEBI has initiated the process for bringing on board at least 11 officers on “deputation basis” from various government departments and public sector institutions.
These would include those currently working with Income Tax, Customs, Central Excise, Service Tax, Public Sector Banks, Government Financial Institutions, Asset Reconstruction Companies and Debt Recovery Tribunals.
Besides, it would recruit four officers for its Information Systems department, 10 in Legal department and 25 officers in the general stream.
The regulator is looking to beef up its enforcement operations by roping in experts from the tax and excise departments, among other agencies, to help in its crackdown on frauds and to conduct search and seizure operations.
Armed with powers to carry out search and seizure as well as arrest violators, the market watchdog has been cracking the whip on illegal money pooling activities.
Workload The workload of the regulator’s enforcement department has significantly increased in the recent times, making it necessary to have more hands with adequate experience, skills and expertise.
The SEBI is also looking to strengthen its manpower at its head office in Mumbai as also in regional offices for its enforcement division in other parts of the country.
The recovery of dues involve lengthy process, coordinating with various external agencies, passing quasi-judicial orders, conducting public auctions and handling litigations, among others.
Hence, staff members dealing with recovery process are required to have necessary expertise to deal with defaulters, police authorities and the public.
SEBI, which has over 600 officers across various divisions, has been given the power to conduct search and seizure and initiate recovery process.
Under the amended securities laws, SEBI has been given greater powers like attachment of properties, launch of recovery proceedings, seeking call data records to investigate cases and conducting search and seizure activities.
Under its Plan of Action for 2015-16, SEBI will provide training to its staff on market intelligence, macro economics, investigations, anti-money laundering, financial derivatives and risk management.
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