Final interviews for next Sebi chief early next month

Among those expected to be called for interviews are Corporate Affairs Secretary R Bandyopadhyay, mutual fund industry body AMFI Chairman and UTI Mutual Fund chief U K Sinha, public sector lender SBI Chairman O P Bhatt and RBI Deputy Governor K C Chakrabarty, sources said.

The government-appointed search committee, which was constituted to find the next Sebi Chairman, is likely to hold interviews in the first week of December, sources added.
The panel led by Union Cabinet Secretary K M Chandrasekhar and comprising Finance Secretary Ashok Chawla, Financial Services Secretary R Gopalan and Department of Personnel Secretary Shantanu Consul as members, had last met early this month to decide on the final list of candidates.

Sources said that the panel had zeroed in on seven candidates in its last meeting, but might call more persons for the final interviews to be held in December first week.
The committee is considering additional candidates, as some of the persons short-listed in the last meeting have not shown interest in the job, and reservations have been expressed about a couple of them by senior policymakers and regulators.

While Bhatt, Chakrabarty and Bandyopadhyay were short-listed among the final seven candidates, Sinha's name was not there, sources said.

Others short-listed in the last meeting include Department of Disinvestment Additional Secretary S Pradhan, Madhya Pradesh Principal Secretary G P Singhal and two Managing Directors at SBI, S K Bhattacharya and R Sridharan.

Out of them, names of Bhatt and Chakrabarty were nominated by the search committee itself, while others had themselves presented their candidature.

The committee had considered close to 20 candidates in its last meeting. The Finance Ministry, in September, invited applications for the post of Sebi Chairman. While the incumbent Bhave, who assumed office in 2007 has a term of three years ending in February 2011, the next Chairman would get a five-year term.

In its notification inviting applications, the Finance Ministry had said that the Sebi Chairman would have an option to receive pay equivalent to a Secretary to the Government of India or a consolidated salary of Rs 3 lakh per month.

The finance ministry has further said that the person preferably should have more than 25 years of professional experience and in the age group of 50 to 60 years.

"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," it had said.