Regulator for securities market, Securities and Exchange Board of India (SEBI), is planning to hire as many as 120 officers to beef up its resources for more effective and faster execution of regulatory work. The regulator has nearly 800 employees as of now, including employees on contract and deputation basis.
SEBI invited applications for the post of officer Grade A (Assistant Manager) for streams like general, legal, information technology and engineering in a public notice. It plans to recruit 84 officers in general stream, followed by 18 in legal, 8 in information technology and 5 each in civil engineering and electrical engineering streams.
SEBI will select the officers through a written examination followed by an interview.
The regulator is hiring these officers as part of its plans to beef up the headcount for faster and more effective execution of newly granted powers. Formed by the government in 1988, SEBI was given statutory powers following the approval of the SEBI Act in 1992 after the Harshad Mehta scam hit Indian markets.
As per its preamble, SEBI is mandated to protect the interests of investors in securities as well as promote and regulate the securities markets.
It regulates business in stock exchanges and other securities markets, registers and regulates various market intermediaries, including brokers, merchant bankers, registrars, portfolio managers and investment advisers, as well as foreign portfolio investors, credit rating agencies, mutual funds and venture capital funds.
Additionally, SEBI is mandated to check fraudulent and unfair trade practices, insider trading and other manipulative activities.