Post-Ananth Narayan Exit: VS Sundaresan, Sandeep Pradhan Lead Race As Govt Shortlists SEBI WTM Successors
While the interviews for Ashwini Bhatia's successor have concluded, the selection process for the second WTM post — recently vacated by Ananth Narayan Gopalkrishnan — is yet to begin.
The government has shortlisted seven to eight candidates for one of the two whole-time member positions at the Securities and Exchange Board of India, with interviews conducted in New Delhi last week, according to people familiar with the matter.
Among the frontrunners for the key regulatory role are former SEBI Executive Director VS Sundaresan and IRS officer Sandeep Pradhan, both seen as strong contenders to fill the post being vacated by Ashwani Bhatia.
While the interviews for Bhatia's successor have concluded, the selection process for the second WTM post — recently vacated by Ananth Narayan Gopalkrishnan — is yet to begin. Narayan's three-year term ended on Oct. 9.
Ananth Narayan, a former banker with over two decades of experience at top global financial institutions, joined SEBI in October 2022. During his tenure, he served as SEBI's second-ranking official, overseeing market regulation and foreign investor oversight.
He played a pivotal role in strengthening India's regulatory framework, from curbing speculation in the derivatives market to tightening disclosure norms for offshore funds and investment vehicles. But his exit comes just as SEBI's high-profile probe into alleged market manipulation by US-based trading firm Jane Street reaches what the regulator has described as a "critical juncture."
Under Narayan’s watch, SEBI temporarily suspended Jane Street in July from trading in Indian securities markets, citing alleged index manipulation, charges the firm has denied. The case, seen as one of the regulator’s most aggressive actions against a foreign player, remains under judicial review.
On Sept. 9, an Indian court ordered SEBI to respond to Jane Street’s appeal, with the next hearing scheduled for Nov. 18. Jane Street, which posted $10.1 billion in net trading revenue in Q2, has accused the regulator of withholding documents critical to its defense.
Beyond enforcement actions, Narayan's term saw several key policy reforms, especially around the growing retail participation in equity derivatives: a segment where over 90% of traders reportedly lose money. His initiatives aimed to de-risk speculative trading and streamline foreign investor compliance.
