The Securities and Exchange Board of India (SEBI) on February 07, 2023, issued the Securities and Exchange Board of India (Employees' Service) (Amendment) Regulations, 2024 to further amend the Securities and Exchange Board of India (Employees' Service) Regulations, 2001.
The following has been amended-
•In regulation 6, in sub-regulation (4), clause (d) shall be substituted by the following, namely,–
(d) Competent authority shall constitute a selection committee, comprising such number of persons and outside experts as may be determined for recruitment and promotion:
Provided that for recruitment at the level of Executive Director on deputation or contract, the Competent authority shall constitute a search-cum-selection committee, comprising such number of persons and outside experts as may be determined:
Provided further that the appointment to the post of Executive Director shall be approved by the Board before an offer of appointment is issued to the selected candidate.”
•In the Schedule, in the Table, i. in the heading in column 5, after the word “Committee”, the words and symbol “/ Search-cum-Selection Committee” shall be insertedii. in row 1, in column 5, the text shall be substituted with the following, namely,–
“For Promotion - Chairman, two other members of the Board and two external experts to be nominated by the Chairman shall constitute the Selection Committee.
For Deputation/ Contract - Chairman, two other members of the Board and two external experts to be nominated by the Chairman shall constitute the Search-cum-Selection Committee.
[In case of deputation from Government or other organizations, terms and conditions of deputation to be finalized in consultation with the lending organization.]”
[Notification No. SEBI/LAD-NRO/GN/2024/165]
