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๐‚๐ž๐ง๐ญ๐ซ๐š๐ฅ ๐†๐จ๐ฏ๐ž๐ซ๐ง๐ฆ๐ž๐ง๐ญ ๐จ๐Ÿ ๐ˆ๐ง๐๐ข๐š ๐š๐ฉ๐ฉ๐จ๐ข๐ง๐ญ๐ฌ ๐’๐ก๐ซ๐ข ๐“๐ฎ๐ก๐ข๐ง ๐Š๐š๐ง๐ญ๐š ๐๐š๐ง๐๐ž๐ฒ ๐š๐ฌ ๐ญ๐ก๐ž ๐ง๐ž๐ฐ ๐’๐„๐๐ˆ ๐‚๐ก๐š๐ข๐ซ๐ฉ๐ž๐ซ๐ฌ๐จ๐ง

  • By Regstreet Law Advisors
  • / February 28, 2025
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The Appointments Committee of the Cabinet by its DoPT Notification No. No.31/1/2025-EO(SM.II) dated February 27, 2025 has approved the appointment of ๐’๐ก๐ซ๐ข ๐“๐ฎ๐ก๐ข๐ง ๐Š๐š๐ง๐ญ๐š ๐๐š๐ง๐๐ž๐ฒ, Finance Secretary and Secretary, Department of Revenue (DoR) to the post of Chairman, Securities and Exchange Board of India (SEBI), initially for a period of three years from the date of assumption of charge of the post or until further orders, whichever is earlier.

๐’๐ก๐ซ๐ข ๐๐š๐ง๐๐ž๐ฒ, a 1987-batch Indian Administrative Service (IAS) – Government of India of the Odisha cadre, held the charge of Secretary of three Departments, i.e., Department of Investment & Public Asset Management (DIPAM), since 24.10.2019, Department of Public Enterprises (DPE) since 01.08.2024 and Department of Personnel and Training since 04.11.2024.  Both the DIPAM and DPE function under the Ministry of Finance. Shri Pandey holds a Masters in Economics from Punjab University, Chandigarh and an MBA from the University of Birmingham (UK).

Section 4 of the SEBI Act stipulates that Securities and Exchange Board of India (SEBI) shall consist of a Chairperson who shall be appointed by the Central Government. The said Chairperson shall be a person of ability, integrity and standing who has shown capacity in dealing with problems relating to securities market or has special knowledge or experience of law, finance, economics, accountancy, administration or in any other discipline which, in the opinion of the Central Government, shall be useful to SEBI.

A copy of the DoPT notification is enclosed, while a notification in the Gazette of India is yet to be published.

In the past, there have been various controversies in the process of Appointment as well as in the extension of term of SEBI Chairpersons. Regstreet Law Advisors wrote a piece โ€œ๐˜›๐˜ฉ๐˜ฆ ๐˜ฑ๐˜ณ๐˜ฐ๐˜ค๐˜ฆ๐˜ด๐˜ด ๐˜ข๐˜ฏ๐˜ฅ ๐˜ต๐˜ฉ๐˜ฆ ๐˜ฑ๐˜ข๐˜ด๐˜ต ๐˜ค๐˜ฐ๐˜ฏ๐˜ต๐˜ณ๐˜ฐ๐˜ท๐˜ฆ๐˜ณ๐˜ด๐˜ช๐˜ฆ๐˜ด ๐˜ช๐˜ฏ ๐˜ข๐˜ฑ๐˜ฑ๐˜ฐ๐˜ช๐˜ฏ๐˜ต๐˜ฎ๐˜ฆ๐˜ฏ๐˜ต ๐˜ฐ๐˜ง ๐˜š๐˜Œ๐˜‰๐˜ ๐˜Š๐˜ฉ๐˜ข๐˜ช๐˜ณ๐˜ฎ๐˜ข๐˜ฏโ€ on Bar & Bench, available at: https://lnkd.in/fFtrq5G.

Readers are welcome to send their views to Regstreet Law Advisors at info@regstreetlaw.com.

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