SEBI has selected two internal candidates to fill the post of executive directors (ED). V S Sundaresan and Babita Rayudu for the post of ED General and ED Legal respectively, sources said. There were 15 applications received from outside SEBI but the regulator did not find any outsider fit for the post, the sources said.

ED legal is the key post for which most applications had come. Chief general manager Babita Rayudu, Suresh Menon, G P Garg and V S Sundaresan were some of the internal names that were leading the race for the ED post.

ED Legal position in SEBI was created in the last two-three years. Earlier, there was no such position as SEBI mainly worked with three EDs who were not categorised into any particular stream. Officials who moved to SEBI after the merger of commodity regulator FMC were appointed as EDs. There are seven officials currently holding the post of ED.

SEBI had been postponing the interview for the post of ED legal for many months now, citing lack of external candidates. The fact that the current SEBI chairman Ajay Tyagi is likely to get another two-year extension has also perked up the mood at SEBI as there would be continuity in the policies, the source said. Tyagi’s term as SEBI chairman was to end in February 2020. Initially, the finance ministry had approved Tyagi for a five-year term but Prime Ministers Office reduced it to three years. The chairman is now likely to get an extension considering the fact that SEBI’s whole-time members have a five-year term, sources said.

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