The Department of Economic Affairs (DEA) has invited applications for two Sebi whole-time member positions as the tenure of two current members nears completion later this year. According to the latest notification issued by the Department of Economic Affairs under the Ministry of Finance on May 26, 2026, eligible candidates can apply for the positions by June 30, 2026. The selection process comes at a critical time as market regulator Sebi prepares for leadership changes in its senior management structure.
At present, there are four whole-time members (WTMs), including Kamlesh Chandra Varshney, Amarjeet Singh, Sandip Pradhan, and KVR Murty. As reported by CNBC TV18, the three-year tenures of Singh and Varshney are nearing completion in September, though reappointments remain possible given the upper age limit of 65 years. Pradhan and Murty have been recent appointments at the helm of the regulatory body, providing continuity in Sebi's leadership structure. The SEBI board comprises a chairman, four full-time members and four part-time members, with the WTM positions forming part of the top leadership structure.
The vacancy circular issued by the DEA seeks applications from people with 'high integrity, eminence, and reputation', preferably with more than 20 years of professional experience. According to the latest notification, the preferred age group is 45 to 60 years. The WTM will have the option to receive pay similar to that of an additional secretary in the government or a consolidated salary of ₹5 lakh per month, excluding car and house facilities. The appointments are made by the central government on recommendations of the Financial Sector Regulatory Appointments Search Committee (FSRASC).
The WTM positions are key as they are part of the top leadership of the market regulator and play a significant role in policymaking, investigations, enforcement, and market development. As reported by CNBC TV18, the government has sought applications from people with integrity and standing, and with knowledge or experience of law, finance, economics, accountancy, administration, or other such specialisations. The latest notification emphasizes that applicants should be persons of ability, integrity, and standing with demonstrated capacity in dealing with issues related to securities markets or possessing special knowledge and experience in relevant disciplines. The government has indicated that the tenure of a Whole-Time Member will be up to five years, subject to the condition that the appointee shall not continue beyond the age of 65 years, with reappointment permissible under applicable rules. The Whole Time Member should be a person who does not, and will not have any such financial or other interests as are likely to affect prejudicially his functions as the Whole Time Member.
