Ashwani Bhatia has taken charge as a whole-time member (WTM) at the market regulator Securities and Exchange Board of India (Sebi). Bhatia was previously the managing director of the state-owned State Bank of India (SBI). After Bhatia’s joining, Sebi now has three WTMs. The government is yet to appoint the fourth member. The market regulator functioned with just two WTMs for the past seven months after Sebi’s current chairperson Madhabi Puri Buch’s tenure as WTM ended on October 4, 2021, and G. Mahalingam demitted office on November 8, 2021.
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In the past, the government has had problems appointing IAS officers for the WTM post. This is because the government has made it mandatory for IAS officers to resign from service before they take up the WTM job at Sebi. Most young IAS officers are only willing to take up the job on deputation so that they can again go back to public service after their WTM tenure ends, which is typically for three or five years.
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