Ministry of Finance initiates search for a new whole-time member for Sebi

Mumbai, Apr 30, 2025

The new WTM may serve for up to five years, as specified in the appointment order, but must retire upon reaching the age of 65

The Ministry of Finance has initiated the search for a new whole-time member (WTM) for the Securities and Exchange Board of India (Sebi). The tenure of one of Sebi’s four WTMs, Ashwani Bhatia, ends on May 31, while the last date for submitting applications is May 28.

The new WTM may serve for up to five years, as specified in the appointment order, but must retire upon reaching the age of 65. Re-appointment is permitted. The role offers a salary equivalent to that of an additional secretary in the Government of India or a consolidated Rs 5 lakh per month, excluding car and housing facilities.

Eligible candidates must possess integrity, a strong professional reputation, and the ability to address securities market issues. They should also have specialised knowledge or experience in law, finance, economics, accountancy, or administration. A minimum of 20 years of experience is required. The circular underscores that the WTM must be free from financial or other interests that could compromise their duties.

Sebi currently has four WTMs, two of whom, including Bhatia, are scheduled to complete their terms in 2025.

Bhatia, who joined Sebi in June 2022, oversees the Corporation Finance Investigation Department, Corporation Finance Department, and the Department for Debt and Hybrid Securities. He previously served as managing director at State Bank of India and managing director and chief executive officer of SBI Funds Management. During his tenure, Bhatia issued key orders related to small and medium enterprises, fund diversion, and corporate fraud.

Another WTM, Ananth Narayan, will conclude his term in August 2025.

[The Business Standard]