The government has taken out vacancy for the appointment of SEBI’s second Hole Time Member (WTM). In this regard, a notification has been released on the website of the Department of Economic Affairs on August 4, it has been said that the term of WTM will be up to 5 years. After completing the age of 60, he will not be able to hold his position. However, the name of WTM can be considered for re -appointment.
Last date for applying October 6
Sebi Candidates wishing to become a WTM can apply till October 6, 2025. After the appointment, WTM will get a salary of Rs 5,00,000 every month. They will not get a car and home. According to the SEBI Act, the board should have 4 hole time members. The board of SEBI consists of a chairman and 4 part-time members. Currently, SEBI has 3 hole time members in the board. These include Anant Narayan ji, Amarjeet Singh and Kamlesh Chandra Varshney.
4 hole time members in SEBI board
Anant Narayan is the most senior hole time member of SEBI’s board. His three -year term is being completed next month. The second part time members of the board include the Secretary of Department of Economic Affairs, Secretary of Ministry of Corporate Affairs, a Deputy Governor of RBI and a part time member is typically finance, law, economics or academic field. This position of the hole time member has been empty for a long time. Earlier, SEBI board had 2 hole time members. However, it was later increased to 4.
Hole Time Member status of Additional Secretary
A post of WTM has been empty since the completion of Ashwini Bhatia’s term. His term ended on 31 May. People who know the market information believe that the government can complete the vacancy of both the posts simultaneously. Interviews can be conducted simultaneously for the two. The status of the hole time member of SEBI’s board is the same as the Additional Secretary in the Central Government.
FSRASC recommendation causes a member selection
The selection of the Hole Time Member of SEBI’s board is from the recommendation of the Financial Sector Regulatory Appointment Search Committee (FSRASC). This committee belongs to the government, whose job is to recommend the name of the candidate for appointment on senior positions in major financial regulatory bodies. These include bodies like RBI, SEBI and IRDAI. The chief of this committee is the Chief Secretary. This includes the secretary of the Finance Ministry department and experts associated with the field. The recommendation of this committee is sent to the Cabinet Committee on Appliance, in which the name of the candidate gets a final approval.