sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« Markets »
 FM calms nerves, says no plan to tax market gains
 Why we must tweak the market-led model
 PE transactions prompt income tax queries over round tripping concerns
 Amended India-Mauritius tax treaty only covers investments in shares
 Government drops cap gains tax on startup shares held for 2 years
 Tax-free bonds regain demand in the secondary market
 Relevant Market’ Under Competition Act, 2002
 Indian markets best in terms of earnings momentum, price revision
 How India will become a common market with GST
 Broader markets outperform; Nifty holds 8,500
 Have Indian markets run ahead of fundamentals?

Top-level staff crunch hits market regulator SEBI
July, 28th 2011

Market regulator Sebi, which regulates markets doing average business of over Rs 1 lakh crore a day and assets totalling over Rs 70 lakh crore, is facing a major staff crunch in its top management team.

The market regulator is left with just about half the strength in its top management, comprising whole-time board members and executive directors, due to retirements of previous officials and delay in fresh appointments.

Normally,Sebi board has three whole-time members and one chairman, in addition to two independent members and nominees ofRBI, Ministry of Finance andMinistry of Corporate Affairs.

However, theSecurities and Exchange Board of India (Sebi) is now left with only one whole-time member, after the retirement of two whole-time members - M S Sahoo and K M Abraham - earlier this month.

In addition, the terms of three Executive Directors - K N Vaidyanathan,J N Gupta and Pradyna Saravade - also ended earlier this month and the replacements have not been appointed as yet. Another Executive Director,J Ranganayakulu, will also complete his tenure next month.

Till last month, Sebi had a total of eight EDs, out of which term of three has already ended and one more would complete his tenure next month.

Experts said that the vacancies in top positions might not affect the day-to-day functioning of the regulator, as it has a strong workforce, but policy decisions could still be impacted as the existing officials have been numerous additional responsibilities.

The Sebi regulates stock markets, which have a valuation of close to Rs 70,00,000 crore and daily turnover of well over Rs 1,00,000 crore, as also mutual funds with total assets of more than Rs 7,00,000 crore.

Besides, a host of other capital market entities such as portfolio managers, investment bankers, brokerage firms and credit rating agencies are also regulated by Sebi.

Now, Sebi has only one whole-time member Prashant Saran overseeing all the regulatory and oversight functions, with the help of fourEDs -- P K Nagpal, Ananta Barua, Usha Narayanan and soon-to-retire J Ranganayakulu.

While Sebi has initiated the process for hiring four EDs, the Whole-Time Members are appointed by theFinance Ministry.

On June 9, Sebi brought out an advertisement for induction of four new executive directors, who would replace some key directors having handled important departments like mutual funds and secondary markets.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Custom Software Development Outsourcing Custom Software Development Offshore Cus

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions