A fierce battle is on to grab the
post of Chairman of the Securities and Exchange Board of India (Sebi).
Incumbent chairman UK Sinha’s term comes to an end in mid-February. According
to sources, the selection panel headed by Cabinet Secretary PK Sinha has
shortlisted candidates who include State Bank of India Chairman Arundhati
Bhattacharya, former capital markets Joint Secretary Thomas Mathew (now an
Additional Secretary in the President’s office), IDFC CEO Vikram Limaye, former
Chairman of the Forward Markets Commission (FMC), Ramesh Abhishek, Competition
Commission of India member MS Sahoo and current Sebi whole-time member Rajeev
Kumar Agarwal. Now, at the last
minute, the government has reconstituted a search-cum-selection panel so as to
include a representative from the Prime Minister’s Office. While the panel, headed
by the Cabinet Secretary, will continue to have the Economic Affairs Secretary,
the provision of the Finance
Minister nominating up to two persons
as members has been done away with. In the earlier set-ups, there was no member
from the PMO. It does seem as if Modi is aware of the hobnobbing for the
selection for the coveted post. Among the selected candidates, one is politically
very influential and has connections with the Congress party and is still
working in an important post. Another candidate was allegedly involved in the
NSEL scam. It’s learnt that one influential lady in the government is lobbying
to install her proxy. Apart from the bureaucratic and political lobbying, big
business houses are also working for their own candidates. It’s going to be
tough to choose an independent and competent individual.
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