Market regulator Sebi today said it plans to induct four new executive directors, who would replace some key incumbent directors handling important departments like mutual funds and secondary markets.

Starting the process for hiring new directors, Sebi today invited applications for four posts of executive directors, including one for legal affairs.

The remaining three would be inducted for various regulatory roles at Securities and Exchange Board of India.

The new directors would be given gross emoluments of up to Rs 1,78,523 per month, besides benefits like office car, entertainment, medical telephone and mobile, insurance and other allowances, an advertisement issued by Sebi said.

A major overhaul is in the offing at Sebi, with at least six new faces expected to join in the market regulator's leadership positions over the next few months. (PTI)