12 February 2018 ~ 0 Comments

Govt’s SEBI dilemma

Govt’s SEBI dilemma

The government is in a bind over appointing whole-time members with capital markets regulator SEBI. To maintain the regulator’s “autonomy and independence” it mandates IAS officers to resign from service if they have to take up the job of whole-time member with SEBI. Now Sanjeev Kaushik, a 1992-batch Kerala cadre IAS officer, who was asked by the Centre to resign to take up the SEBI job has reportedly declined the offer. The IAS officer, currently on deputation with the Finance Ministry, has instead chosen to return to Kerala to take up the post of principal secretary. Sources say that Kaushik had requested the Centre that he be allowed to go to SEBI on deputation, but this was declined.

Many observers feel that the rule not allowing IAS officers to go on deputation to SEBI may make it difficult for the government to find younger and specialised talent from the pool of officers. No IAS officer would like to take up a three-year job when he has more than 10 years or more of service left with the government.

With Kaushik declining the job, SEBI now has to hunt for two WTMs as the regulator recently created one more post for a WTM. The whole process of interview will be re-conducted, the source said

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