Santosh Kumar Mohanty
took charge as wholetime member (WTM) of the Securities and Exchange Board of India (Sebi) for a three-year tenure. The announcement comes two days after the central government elevated Ananta Barua, a Sebi
executive director (ED), as another WTM. This is the first time the markets regulator will have four fulltime members on the board. Also, the first time an internal candidate has got elevated as WTM.
was functioning with only two fulltime members since September 2017, after the retirement of S Raman. The government had cleared IAS officer Sanjeev Kaushik's appointment as WTM but had refused to resign from government service and join on deputation. The Centre had to once again initiate the appointment process. It, however, decided to choose from those who were shortlisted with Kaushik.
Mohanty took charge as ED of Sebi
at end-September 2015. Prior to this assignment, he was director in the erstwhile commodity derivatives market regulator, the Forward Markets Commission. From the Indian Revenue Service
(IRS), he hadearlier served in the income tax department in various capacities, in Kolkata, Nagpur and Mumbai.
Barua has been associated with Sebi
since 1992 and was instrumental in framing new regulations for the securities market. Prior to this assignment, he was legal adviser. He was also associated with developing a regulatory framework governing the capital markets in India and Bahrain. A commerce graduate from the University of Delhi, he has also worked with Industrial Finance Corporation of India and National Fertilizers. He has also been an active member on various expert committees set up by Sebi.
He has assisted the Bhagwati panel on takeovers and the Dhanuka committee
on securities law.
Till now, the Sebi
board comprised eight members -- chairman, three WTMs, one independent member and one nominee each from the Reserve Bank of India, ministry of finance and ministry of corporate affairs. Having four WTMs is expected to help in faster policy decisions, especially in new areas, and in reducing the burden on existing officials.