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Ananta Barua, Executive Director of SEBI, has been elevated as the markets regulator’s third Whole-time Member.
His appointment was ratified on Saturday by the Cabinet Committee on Appointments for a period of three years or until further orders, said a source in the know.
His monthly pay would be ₹4 lakh which is equivalent to that of an Additional Secretary in the Government and recommendations in this regard have been sent to the Department of Economic Affairs, he said.
The post of Whole-time Member fell vacant after S Raman, who handled the legal and investigation departments at SEBI, retired late last year.
The appointment for the post was keenly contested by a host of candidates, including two other SEBI Executive Directors, PK Nagpal and S Ravindran.
Barua has been associated with SEBI since 1992 and was involved in framing of new regulations for the securities market. He is also associated with developing regulatory framework governing the capital market in India and the Bahrain Monetary Agency, Kingdom of Bahrain.
Prior to joining SEBI, Barua worked with the Industrial Finance Corporation of India from 1990. He was also advisor at the Bahrain Monetary Agency and Central Bank of Bahrain between 2004 and 2006.
Currently, the SEBI board consists of Ajay Tyagi, Chairman; G Mahalingam and Madhabi Puri Buch, both Whole-time members; besides Subhash Chandra Garg, Injeti Srinivas, NS Vishwanathan and Arun P Sathe as part-time members. Besides the Chairman, SEBI can have three Whole-time Members.
Interview for the Whole-time Member post was held last year and Sanjeev Kaushik, a 1992 batch IAS officer, was appointed. However, he declined to take up the job as he was asked to resign from government service. Following this, it was decided to select a candidate from those shortlisted.
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