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A five-member committee interviewed about 11 candidates for the two soon-to-be-vacant positions of Whole-Time members of SEBI on Friday.
There were two candidates from the insurance sector, two from banking, two from the Indian Revenue Service, one from the Indian Administrative Service, an investment banker, a member of the Department of Banking and a SEBI Executive Director, according to sources.
Mr M. Parshad, who has held the position of Chairman and Managing Director of Agriculture Insurance Company of India since 2006 was one of the candidates. The other from the insurance sector was Mr A.R. Sekar, Director and Financial Advisor of New India Assurance.
From the banking sector, there was Mr D.L. Rawal, Chairman and Managing Director of Dena Bank, and Mr S. Sridhar, Chairman and Managing Director of Central Bank of India. Mr Shashank Saxena of the Department of Banking and Maharashtra Industrial Development Corporation CEO, Mr Kshatrapati Shivaji, were also interviewed.
Among the others who were interviewed were two IRS officers, an IAS officer, an investment banker and Ms Usha Narayanan, Executive Director at SEBI.
A shortlist of candidates will be sent by the sub-committee to the search committee. Mr K.M. Abraham and Mr M.S. Sahoo are to relinquish their duties as Whole-Time members this month.
Call for Other posts
SEBI has also sent interview calls to all the eligible SEBI Chief General Managers for the Executive Director positions that have opened up. The eligibility criterion for the same is three years of completed service.
One of the EDs, Mr K.N. Vaidyanathan, quit on June 30. Another one of the EDs, Ms Pradnya Saravade, will step down on July 4, 2011 and will revert back to the Maharashtra IPS cadre. It is gathered that Mr J.N. Gupta, who steps down as ED of SEBI on July 8, is seeking re-appointment.
In case Ms Narayanan is not elected as Whole-Time Member, she will continue as ED and retire next year after attaining the age of superannuation, said sources.
According to sources, the committee was chaired by SEBI Chairman, Mr U.K. Sinha. One of the members of the committee was Mr Suman Bery, a leading economist.
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