Sebi plans to hire full-time chief vigilance officer
New Delhi: Markets regulator Sebi plans to appoint a full-time chief vigilance officer (CVO) primarily to keep a check on its officials and their dealings.
The position of CVO will be equivalent to that of an executive director in terms of pay and benefits. He would be responsible for detecting and punishing malpractices within the organisation.
The board of Securities and Exchange Board of India (Sebi) has already approved a proposal in this regard, officials said. Besides, Chief Vigilance Commission has also advised that considering the dealing of Sebi with sensitives cases, a full-time CVO may be appointed.
According to officials, Sebi as a regulator is different and is more likely to be exposed to vigilance related issues in future. The markets watchdog would soon come out with an advertisement inviting applications for the position of CVO.
External candidates would be considered for the post. However, this post would not add to the existing sanctioned number of posts (nine) for executive directors in Sebi. Sebi, being small organisation with a strength of about 800 employees, has been having a part time CVO ever since its inception.
The part-time CVO handles other responsibilities along with the vigilance function. Historically, the CVO of Sebi has always reported directly to the chairman or to a whole time member. Presently, the vigilance function is reporting directly to Sebi's chairman.
The regulator, in 2014, had appointed Gyan Bhushan as its part time CVO replacing R K Padmanabhan, whose role had come under the scanner of CBI with regard to an inquiry in connection with purported weakening of a case against promoters of erstwhile Bank of Rajasthan-- which was later taken over by ICICI Bank.
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