Exclusive!!!
According to highly placed sources Sh SK Mohanty, IRS,1991 is all set to be selected as member of SEBI for which an interview is slated for 25th September. The officer who hails from Orissa is currently Executive director, commodity markets and corporate finance. Mohanty was earlier Director in FMC before it merged with SEBI in 2015. He was given a term of 2 years in SEBI in 2015 which was due to expire in September, 2017 and for which SEBI had already advertised in June/July, 2017 but it is said he was able to use his clout in PMO to get his term extended by another 2 years as ED. The term of 2 years for FMC officers in deputation was provided for in the budget, 2015 which made provisions for FMC-SEBI merger but despite that he was given an extension of 2 years despite no provision in the merger amendment of 2015 to continue beyond 2 years. This is the 3rd time in last 2 years that a powerful officer in PMO is trying to get an Oriya officer at senior position in SEBI. Sources says, it tried to get Mr Ramesh Abhishek,IAS, current Secretary, DIPP posted as chairman, SEBI in February, 2016 but it couldn’t materialize at the last moment due to vigilance issues and later, Sh. M.S. Sahoo as member of SEBI in 2016-2017 when his clearance from CVC was denied. The powerful source in PMO seems to be finally able to succeed in getting an Oriya officer in the board of SEBI as whole-time Member. Sh. Mohanty is being backed by Sh. Ramesh Abhishek with whom he has been closely associated with while working as Director,Legal in FMC when Abhishek as chairman of FMC. It is alleged that Sh. Mohanty was instrumental in giving advice as director, legal, to not to take action against leading brokers in the aftermath of NSEL scan at the instance of Abhishek. Sh Abhishek had also got such favourable opinions against a reliance company also be mohanty despite evidence against this company. In a complicated case of cross-patronage, Abhishek continues to harbour ambitions to be chairman of SEBI when the tenure of present incumbent gets over in February, 2019. Abhishek is slated to retire in mid-2019 and he can have a full 5 year tenure after present incumbent’s tenure.
