Sebi reshuffles top-level work allocation

Capital markets regulator Sebi has reshuffled the work allocation among its top officials, including for key departments like investigations and Special Enforcement Cell, following the exit of its veteran Whole Time Member Prashant Saran.

Saran, who demitted office late last month after a seven-year tenure, was handling some key units at the regulatory body such as Corporation Finance Department, Investigations Department, Special Enforcement Cell, Office of Investor Assistance and Education, Department of Economic and Policy Analysis and the Human Resources Development Division.

As the government is yet to appoint the third person in place of Saran, the regulator has re-allocated the divisions that he used to supervise among the two existing Whole Time Members -- Rajeev Kumar Agarwal and S Raman.

The Corporation Finance Department, the Investigations Department and Special Enforcement Cell have been given to Raman, while the Department of Economic and Policy Analysis has gone to Agarwal.

The Office of Investor Assistance and Education would also now be handled by Raman.

Other divisions under Raman include Collective Investment Schemes (CIS), Enquiries and Adjudication Department, Office of International Affairs, Information Technology Department and the Enforcement Department.

The units under Agarwal include departments relating to investment management, Foreign Portfolio Investors and Custodians, market regulation, market intermediaries regulation and Supervision Department, as also legal affairs.

Besides, Agarwal also supervises the Integrated Surveillance Department, Commodity Derivatives Market Regulation Department, as also the Regional Offices (ROs) and National Institute of Securities Markets (NISM).

The Whole Time Members are assisted by Executive Directors and other officials at Sebi.

One more position of Whole Time Member is scheduled to fall vacant this year, while there is place for one more independent director as well on the board of Securities and Exchange Board of India (Sebi), headed by Chairman U K Sinha.

Saran, who demitted office on attainment of 65 years of age on June 23, contributed significantly during his tenure in framing some major norms including on corporate governance, minimum public shareholding and primary market reforms.

He also passed a number of high-profile orders including those on the Pearl Group case and an order against more than 100 companies just a day after they failed to meet 25% minimum public shareholding within the given timeline.

He was with Sebi as its Whole Time Member since 2009 and had served as Chief General Manager at Reserve Bank of India (RBI) before joining the capital markets regulator.

At Sebi, he has also been known for his contribution to areas like primary market reforms, investor education and in improving the investor grievance redressal mechanism.