Market regulator Securities and Exchange Board of India (Sebi) has finalised 75 applicants for officer level jobs as part of its plan to beef up its headcount for faster and more effective execution of newly granted powers.
Sebi said these appointments were "subject to satisfying the age limit, educational qualification along with minimum marks (as required) and other eligibility criteria".
The market watchdog has embarked upon a major recruitment drive to carry out its newly-granted powers and expanded role to regulate various segments of capital markets, while safeguarding the interest of investors from fraudsters and other manipulators.
Sebi has already shortlisted 247 candidates for personal interview from the several thousands of applicants that appeared for a written test held in September. However, only 75 got selected for the post.
The job call for 75 officers, who would be offered an annual pay package of about Rs 11 lakh, generated huge demand and nearly one lakh applications were received by Sebi from the interested candidates.
Sebi plans to hire 75 officers in the first phase of this hiring drive. It also plans to conduct more recruitment exercises going ahead.
The regulator is looking to increase its headcount from about 600 currently to close to 1,000.
The recruitment drive began soon after the government decided to grant greater execution powers and a larger oversight role against potential investment fraud that would require Sebi to have a much larger workforce.
Besides, the capital market regulator is opening local offices on a pan-India basis for enhanced investor awareness and services that require additional manpower.
An independent consultant recently suggested Sebi increase its workforce to about 1,000 employees in order to meet future manpower requirements to take full ownership of regulatory oversight of all investment schemes besides staff requirement in regional offices as well as local offices.
The staff strength also needs to be enhanced to meet its future role and functions, said the consultant which was hired to suggest ways for an overhaul of Sebi's role, vision and functions.