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The two expert members on a search panel, formed to select current SEBI chief, were finalised outside the four suggestions made by the then Finance Secretary, an RTI reply reveals.
According to a note prepared by the then Finance Secretary, Mr Ashok Chawla, in August 2010, four experts – Mr S.A. Dave, Mr Deepak Satwalekar, ex-Managing Director, HDFC; Mr Jayant Verma and Mr Ravi Anshuman of Indian institute of Management Ahmedabad and Bangalore, respectively – were suggested to be a part of five-member search panel to decide on SEBI chief.
The communiqué was then sent to Ms Omita Paul, adviser to the Finance Minister, Mr Pranab Mukherjee.
“The composition of the selection committee can be Cabinet Secretary, Finance Secretary, Secretary (Financial Services) and two experts of eminence, who can be Suman K Bery, Director General, National Council of Applied Economic Research and Shekhar Chaudhuri, Director, Indian Institute of Management, Calcutta,” Ms Paul said in the note which was approved by the Finance Minister.
According to rules, the SEBI chief and its members have to be shortlisted by a committee comprising the Cabinet Secretary, the Secretary, Department of Economic Affairs; Chairman, SEBI (for selection of whole time members); and two experts of eminence from the relevant field, to be nominated by the Centre.
The Finance Ministry has “no information” including file notings and comments by the selection committee members who chose the chief of SEBI, Mr U.K. Sinha.
According to the reply, the name of Mr Sinha was not in the five names – Mr G.P. Singhal, Mr R Bandhopadhyay, Mr Sidhartha Pradhan, Mr Himadri Bhattacharya and Mr R Sridharan – initially decided by the search-cum-selection panel.
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