Wanted: A chief economist for Sebi to bolster policy vertical

New Delhi: Capital markets regulator Sebi, which is facing a staff crunch in its top ranks, will hire a ‘chief economist’ to strengthen its research capabilities in the area of overall economic policy and the securities market.

Currently, the Department of Economic Policy and Analysis of Sebi is being supervised by one of its executive directors, but the workload has increased manifold for top officials, especially in the wake of some positions lying vacant for quite some time in the recent past.

It would be a first for Sebi to have a ‘chief economist’, the process for whose recruitment was initiated last week with the invitation of applications.

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The position of chief economist would be equivalent to that of an executive director of Sebi in terms of pay, benefits and allowances and the person would get gross emoluments of Rs 1,29,532 (with Sebi-provided accommodation) and Rs 1,79,532 (without accommodation) per month.

The Sebi board approved the creation of this post at its last meeting. Among other responsibilities, the chief economist would lead a team of economists and research professionals, support the senior management with economic and policy research inputs, carry out research and analysis of the overall economic environment and the securities markets in particular and also help in publishing various reports and studies.

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Recruitment of a chief economist might free one of the executive directors from having to supervise the Department of Economic Policy and Analysis’ (DEPA) day-to-day operations. The department is now being headed by Sebi executive director Ananta Barua under the overall supervision of Sebi whole-time member (WTM) Prashant Saran.

Saran is currently the only one whole-time member with Sebi, which has a provision for having as many as three WTMs. While names are said to have been finalised for two WTMs, the persons concerned are yet to assume the office pending certain clearances. The positions have been lying vacant since the retirement of its two whole-time members - M S Sahoo and K M Abraham - earlier in July.

Normally, the Sebi board has three whole-time members and one chairman, in addition to two independent members and nominees of the RBI, the ministry of finance and the ministry of corporate affairs. In addition, positions for two EDs are also lying vacant at Sebi, which currently has six executive directors.

This is despite Sebi having filled the posts of three EDs last month, including an extension for one of the incumbents.

PTI