The central government has released a circular, inviting applications to fill the role of a whole-time director at the Securities & Exchange Board of India (SEBI).
This government circular comes as the current Whole-Time Director Ananth Narayan's tenure expires next month. Narayan notably passed the order on Jane Street.
Narayan joined SEBI in October 2022 and had worked previously at NSE Gift City as well as National Securities Clearing Corp Limited. He was also the Independent Director of SBI Capital Markets.
At any given point, SEBI must have four whole-time directors. However, as things stand, the regulator only has three whole-time directors, including Narayan, who leaves next month.
This means SEBI already has one whole-time director's vacancy to fill, in addition to replacing Narayan next month. This is because in May, former whole-time director Ashwini Bhatia completed his term. The government is yet to fill that vacancy.
The current whole-time members include Narayan, Amarjeet Singh and Kamlesh Chandra Varshney.
As per the circular shared, the appointment tenure of the position is up to five years or until the candidate turns 65. The last date for submission is October 6, 2025.
The position will be filled through the Financial Sector Regulatory Appointment Search Committee.
SEBI's search for a new whole-time director comes at a time when the markets have seen a wave of new issues, with the regulator itself recently approving 13 new IPOs, including BoAt and Urban Company.
SEBI has also appeared quite determined to curb insider trading, with Chairman Tuhin Kanta Pandey recently urging banks to strengthen compliance.
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