The country's oldest stock exchange BSE has also embarked on searching for a chief executive and managing director as the incumbent Ashish Kumar Chauhan's term has ended.
The move comes when its bigger rival, NSE, which controls a large part of trade volumes in the country, has also initiated a similar process for its chief.
Interestingly, some reports mention that Mr Chauhan is racing to take over the corner office at NSE.
In an advertisement posted on Tuesday, the 1875-established BSE said it is looking for a results-oriented leader having an experience of 20 years, with the "highest ethical standards".
Stock exchanges have frequently faced troubles over integrity - witnessed through the emergence of scandals.
NSE, which is passing through a scandal involving an ex-chief, is also stressing on governance aspect in its search for a new head.
The advertisement said that a deep understanding of the financial markets, technology, and operations is the candidate's desired quality.
It added that a market-savvy leader with an entrepreneurial approach capable of working in a closely regulated and supervised system is being sought.
They must have prior experience in managing the expectations of diverse stakeholders, including regulators, investors, customers and employees, and should meet Capital markets regulator SEBI's eligibility criteria.
The advertisement noted that the candidate should hold a post-graduation or master's degree, and the compensation will be as per industry standards.
The appointment may be for up to five years, it said, specifying April 23 as the last date for submitting applications.