Govt looking for successor to Sinha as SEBI chief
Moneylife Digital Team 26 August 2015
The appointment will be based on the recommendation from the Search-cum-Selection Committee. However, the Committee is free to identity and recommend any other person who has not applied for the post  
The Central Government has started the process to select new Chairman for market regulator Securities and Exchange Board of India (SEBI). The five-year tenure of UK Sinha, the current chief of SEBI is coming to an end in February next year.
According to a notification issued by the Financial Markets Division of the Department of Economic Affairs under the Ministry of Finance, the government is inviting applications for filing up the post of Chairman in SEBI. "The Chairman shall hold office for such period not exceeding 5 years and shall not hold office beyond 65 years of age, whichever is earlier. He is eligible for re-appointment," the notification (No2./10/2015-RE) says. 
The notification says, "The appointment shall be made by the Central Government on recommendation of a Search-cum-Selection Committee as provided in the SEBI (Terms and Conditions of Service of the Chairman and Members) Rules, 1992. It may, however, be noted that the Search-cum-Selection Committee is free to identity and recommend any other person also, on the basis of merits, who has not applied for the post."
"The Chairman shall have an option to receive pay, (a) as admissible to a Secretary to the GoI or (b) a consolidated salary of Rs4.50 per moth," the notification says. 
In the notification, the government has not restricted the job only for government employees but had said 'eligible candidates" can submit application. The last date to submit applications for the post is 7 October 2015.
On 18 February 2011, Sinha took over from CB Bhave, who did not get an extension. Originally, Sinha was given a three-year term, which was subsequently extended by two more years. He is the only Chairman of SEBI among past four chiefs to get an extended term. Sinha's predecessors, GN Bajpai (2002-2005), M Damodaran (2005-2008) and CB Bhave (2008-2011) had only a three-year term. DR Mehta, with a term of seven years, is the only SEBI Chairman to have held the post for a longer duration than Sinha.
Sinha, prior to taking over as SEBI chief, was the Chairman and Managing Director of UTI Asset Management Co (AMC).
Dr Anantha K Ramdas
9 years ago
While I agree that the Government must establish a Talent Pool so that the best of the Managers available, both in private and public sector, be chosen for such important positions.

As far as Mr UK Sinha is concerned, I think he has done a fairly good job and my own experience in dealing with him has been very satisfying. We must remember the contributions that he has made, and it is worthwhile considering him for the job for a second term.
MG Warrier
Replied to Dr Anantha K Ramdas comment 9 years ago
I agree with the view that GOI should aim at having people in position at top level for longer tenures and even consider relaxations in age for giving extensions for persons who are doing well. So far, certain vested interests were at work, managing vacant positions or having 'yours obediently'retirees/about to retire incumbents to man top positions in public sector organisations and statutory bodies.This has done damage to organisations like UTI in the past.
R Balakrishnan
9 years ago
RSS must be searching its membership registers
MG Warrier
9 years ago
Succession plans for top level in statutory bodies and PSUs should get more attention.
At this stage of development, induction of external talent at various levels in organisations which have to handle a variety of specialised work needing different skills, though should not be made a regular feature, cannot be avoided. For government with constraints including those about compensation and need for transparency in procedures, it becomes all the more tough to fill top level vacancies like the one now advertised for. In the present scenario, government should consider formalising maintenance of ‘Talent Pool’ for different specialised jobs, from atomic research to field level studies for improving agriculture practices, which could be accessed by organisations in public and private sectors and government in times of need. While procedures and processes are unavoidable, maintenance of such talent pools for different disciplines will give an idea as to who can compete/aspire for what position.
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