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Market regulator SEBI has undertaken organisational restructuring to plug the gaps created by the recent exit of key officials.
Anant Barua, Executive Director (ED), who was in-charge of corporate finance department, is now looking after SEBI’s legal department.
This is after SEBI’s ED J Ranganayakulu, who headed the legal department, retired on August 12.
The corporate finance department has been split among various EDs till SEBI appoints another head, three sources close to the development told BusinessLine .
With Ranganayakulu retiring, SEBI has five EDs, including Barua, SK Mohanty, PK Nagpal, S Ravindran and SV Muralidhar Rao.
Corporate finance is a key department in SEBI as the head has to directly deal with top investment bankers and top officials of listed companies. Matters relating to corporate governance, account audit standards, restructuring, equity issuance, IPO, merger and acquisitions and capital reduction all fall under the corporate finance department. According to a top legal expert, who was part of SEBI for many years, splitting of corporate finance department on a permanent basis would be a better solution as it consists of a highly loaded portfolio.
SEBI is also in the process of appointing a whole time member (WTM) as current member S Raman retires in September.
The appointment is likely to be finalised by next week after interviews are conducted of around a dozen of the shortlisted candidates. Among those who had applied for the post include a few SEBI officials.
The regulator is likely to witness heated action in both the legal as well as corporate finance departments due to corporate governance issues at Infosys and a consent settlement plea by the National Stock Exchange and its officials.
SEBI, with a workforce of more than 600 people, had sought the removal of a provision in its service rules that required the regulator to hire 50 per cent of its EDs on deputation, contract from outside the organisation.
SEBI did not comment on an email seeking a response to this story.
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