7th pay commission effect: New Sebi chairman to get more pay

The new chairman of Securities and Exchange Board of India will get more pay on the back of Seventh Pay Commission, the Ministry of Finance said on Monday. The tenure of UK Sinha, current Sebi chairman will end on 1 March, 2017.

Yesterday, in a press release, the ministry said that the chairman will receive a consolidated pay package of Rs 4,50,000 per month as recommended under 7th Pay and subsequently accepted by the government from July 25.

The selected chairman will hold office for not more than five years or will not continue at the post beyond 65 years of age. He will be eligible for re-appointment, the release said. The last date for submitting applications is 21 October.

Considering it as a vital role, the applicant should have knowledge or experience of law, finance, economics, accountancy or administration. The applicant should have professional experience of more than 25 years and should be in the age group of 50-60 years.

For the selection procedure, the apppointment will be made by the government on recommendation of the Financial Sector Regulatory Appointments Search Committee (FSRASC) as provided in Sebi Rules, 1992.

"It may, however, be noted that the FSRASC is free to identify and recommend any other person also, on the basis of merits, who has not applied for the post", the release added.