Government Appoints Sandip Pradhan as SEBI Whole Time Member for a 3-Year Term

Sandip Pradhan, a 1990-batch Indian Revenue Service officer, has been appointed as a Whole-Time Member (WTM) of the Securities and Exchange Board of India (SEBI), as per the news reports.  

His appointment has been notified by the Finance Ministry through a gazette publication. Pradhan will serve a 3-year term from the day he takes charge or until further orders, as stated in the notification. 

Appointment Under SEBI Act Rules 

The order cites provisions under the SEBI Act, 1992, and the service rules that lay down the conditions for appointing SEBI’s Chairman and Members. Pradhan is currently the Director General of Income Tax (Investigation) in Pune.  

His role as WTM will involve regulatory responsibilities within the market watchdog. The appointment also confirms an earlier report from 11 November that had mentioned his name among those shortlisted. 

Vacancy Created in May Now Filled 

This position was vacant since 31 May, after the completion of Ashwani Bhatia’s three-year term. Bhatia had taken charge at SEBI after retiring as Managing Director from the State Bank of India. During his time as WTM, decisions were issued on matters linked to corporate governance.  

Although Pradhan fills one of the slots, another WTM position remains unoccupied after Ananth Narayan G stepped down on 9 October following his 3-year tenure. Narayan had overseen work related to derivatives regulations and issued an order in the Jane Street index matter. 

Three WTMs Now in Place at SEBI 

SEBI has four Whole-Time Member posts. With Pradhan’s induction, three members will now be in office: Amarjeet Singh, Kamlesh Chandra Varshney, and Pradhan. One post still awaits a new appointment. Varshney, like Pradhan, is an IRS officer from the 1990 batch, marking the first instance of two batchmates from the same cadre serving together at SEBI in these roles. 

Pradhan is an alumnus of IIT Kanpur. Before working in tax administration, he spent over five years as Director General of the Sports Authority of India and also served as CEO of the Khelo India programme. 

Read More: SBI Chairman CS Setty Calls for National Financial Grid to Check Frauds! 

Conclusion 

With this induction, SEBI now has three serving Whole-Time Members out of four sanctioned posts. The remaining vacancy continues to await a government appointment. 

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