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SEBI amends rules for filling of executive director posts

Posted Date : 11-Aug-2020 , 10:45:32 am | Posted By CASANSAAR print Print
Markets regulator SEBI has made changes pertaining to the proportion of executive director posts to be filled up through different modes and composition of selection committee.

Besides, SEBI said that an employee, who has put in at least seven years as junior accounts assistant and junior engineer and have requisite qualifications, can be considered for the post of 'Grade A' officer at the regulator.

With regard to the position of executive director (other than law), SEBI said two-thirds of the total posts will be filled up from internal candidates and the remaining one-third to be filled up by deputation or contract basis.

In case of non-availability in any category -- internal and deputation or contract -- the post may be filled from other categories, the regulator said in a notification dated August 5.

Earlier, 50 per cent of the total post of executive directors were required to be filled in from internal candidates and the remaining 50 per cent were to be recruited by deputation/ contract and/or direct recruitment.

Besides, the regulator said chairman, two other members of the board and two external experts, to be nominated by the chairman, will constitute the selection committee for executive director position. In June, the Securities and Exchange Board of India (SEBI) had invited applications to recruit two executive directors. Currently, SEBI has eight executive directors.

Further, SEBI said, "An employee working as junior secretarial assistant, junior accounts assistant, junior library assistant or junior engineer, who has completed minimum seven years of service and possesses the requisite qualifications for officer Grade A..., may be considered for switch over to Grade A in the officer cadre against the vacancies".

This will be within the overall 10 per cent vacancies arising in a calendar year or as notified by Competent Authority. The switch over to grade A officer is subject to such employees qualifying in the departmental test and interviews conducted by the competent authority or by an outside agency engaged by SEBI.

To give effect to these, SEBI has amended employees service regulations. The regulator is in the process of hiring 147 officers in Grade A -- general, legal, information technology, engineering, research and official language streams.

On March 7, the regulator had invited applications for these positions as part of its plan to beef up the headcount for faster and more effective execution of its job. The deadline for applying for the posts was March 23.

The last date to apply for the posts was later extended to April 30, thereafter till May 31 and again till July 31. Now, it has been extended till October 31, due to ongoing COVID-19 situation. #Casansaar (Source - PTI, NewIndianExpress)

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