Markets regulator Securities and Exchange Board of India plans to appoint a full-time chief vigilance officer, primarily to keep a check on its officials and their dealings.
The position of CVO will be equivalent to that of an executive director regarding pay and benefits. He would be responsible for detecting and punishing malpractices within the organisation.
The SEBI board has already approved a proposal in this regard, officials said.
Besides, the Chief Vigilance Commission has also advised that considering the dealing of SEBI with sensitive cases, a full-time CVO may be appointed.
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According to officials, SEBI as a regulator is different and is more likely to be exposed to vigilance related issues in future.
The markets watchdog would soon come out with an advertisement inviting applications for the position of CVO. External candidates would be considered for the post.
However, this post would not add to the existing sanctioned number of posts (nine) for executive directors in SEBI.
SEBI, being a small organisation with a strength of about 800 employees, has been having a part-time CVO ever since its inception. The part-time CVO handles other responsibilities along with the vigilance function.
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Historically, the CVO of SEBI has always reported directly to the chairman or to a whole time member. Presently, the vigilance function is reporting directly to SEBI's chairman.
The regulator, in 2014, had appointed Gyan Bhushan as its part-time CVO replacing RK Padmanabhan, whose role had come under the scanner of CBI about an inquiry in connection with the purported weakening of a case against promoters of erstwhile Bank of Rajasthan, which was later taken over by ICICI Bank.
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