SEBI reshuffles portfolios of executive directors

Capital and commodity market regulator Securities and Exchange Board of India (SEBI) has reshuffled the portfolios of its executive directors.

Newly-inducted executive director VS Sundaresan has got two portfolios, including the integrated Surveillance Department and Commodity Market Regulation department while Babita Rayudu will take charge from January 1 as executive director of legal affairs, enforcement department and special enforcement cell.

Sundaresan and Rayudu have been elevated from the post of Chief General Manager.

Current executive director PK Nagpal is also retiring at the end of this month. SEBI has allocated his portfolio to S Ravindran and Anand Baiwar.

Ravindran, who was at present responsible for integrated surveillance, will look after foreign portfolio investors and custodian and board cell, which was earlier headed by Nagpal.

Ravindran will handle facilities management, treasure, and accounts division and protocol, human resource department, internal inspection and office of international affairs.

Anand R Baiwar will continue to handle the investigation department but he has got the information technology department also.

Amarjeet Singh  will keep the the present corporate finance department portfolio, and will now also handle a new department, of economic and policy analysis.

Nagendra Parakh will handle only the market intermediary Regulation and Supervision Department. Earlier he was handling the commodity derivative market regulation department also.

SVMD Rao will continue with the investment management department and Sujit Prasad will handle the market regulation department which is currently handling with National Institute of Securities Market.

SEBI invited application of three posts of executive director and in these posts, two were for internal candidates and single posts for external candidates.

However, SEBI was not able to find any suitable candidate for the external category.

"This is not expected from SEBI. They have not taken anyone from the interviews they conducted. It is difficult to get cadre approval for applying to a post and SEBI should keep these factors in mind," a candidate who appeared for the interview told Moneycontrol.