The government has shortlisted seven candidates to fill one of two vacant whole-time member (WTM) positions at the Securities and Exchange Board of India (SEBI), according to people familiar with the matter.
Those in the race include former SEBI Executive Directors VS Sundaresan and Anand Rajeshwar Baiwar; IRS officers Rajeshwar Yadav, Sandip Pradhan and Pransanjit Singh; IIM Bangalore professor M Jayadev, and N Venkatram of La Caisse, a Canada-based pension fund.
Sources said the Centre aims to fill both WTM positions before the end of the calendar year. Interviews were conducted earlier this month, and the government completed its background verification process last week.
The list brings diverse backgrounds: regulatory insiders, tax bureau and investigative officers, academic expertise, and global investment management experience. Sundaresan and Baiwar bring deep familiarity with SEBI’s operations and enforcement mechanisms, while the IRS officers contribute robust investigative and compliance experience. Jayadev adds an academic perspective on financial markets and governance, while Venkatram brings international institutional investment experience.
WTM Vacancies
The exit of Ananth Narayan Gopalkrishnan, who completed his term earlier this month, has resulted in two vacancies in its four-member WTM team. The exit came at a time when SEBI is probing US-based trading firm Jane Street, following an interim order signed in July by Narayan. The former banker and academic had led several key initiatives during his three-year stint, from curbing speculation in the equity derivatives market to tightening governance norms for market intermediaries.
SEBI is headed by a chairman and four whole-time members, each responsible for overseeing key functional areas such as market surveillance, intermediaries, corporate governance, and enforcement. WTMs are appointed by the Centre for up to five years or until the age of 65, whichever is earlier.
The appointments are decided by the Appointments Committee of the Cabinet, following recommendations from a search panel. Candidates undergo rigorous scrutiny, including interviews, background verification, and clearance of potential conflicts of interest.
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Published on October 22, 2025
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