If PMO and finance ministry agree to his conditions few officers may move to court!!
Very recently ACC has cleared appointment of Sanjeev Kaushik as whole time member of SEBI. But now NBSB has learnt from reliable sources that Kaushik wants his position of SEBI’s whole time member to be converted on deputation basis without resignation from his current IAS job, retracting from his earlier commitment where he had himself given a written letter to selection committee that he will take up this position only after resignation from his IAS job.
Prior to this 42 applications were invited and 7 applications got selected for final round.
Final interview for this post was happened on 25th September 2017 under the leadership of Cabinet Secretary and then ACC cleared name of Sanjeev Kaushik for this position.
If PMO and finance ministry get ready to accept Mr Kaushik’s condition to convert this position on deputation basis, then It will be a case of clear cut violation of given conditions of DOPT..
If sources are to believed few concerned officers of SEBI are ready to move to court to challenge if anything of this sort happens..
Most importantly, any such move may invite adverse observations about the autonomy of SEBI during FSAP assessments which are regularly undertaken by IMF and World bank jointly in respect of financial stability and financial sector development in the developing countries.
What is FSAP ?
The global financial crisis showed that the health and functioning of a country’s financial sector has far-reaching implications for its own and other economies. The Financial Sector Assessment Program (FSAP) is a comprehensive and in-depth analysis of a country’s financial sector. FSAP assessments are the joint responsibility of the IMF and World Bank in developing economies and emerging markets and of the IMF alone in advanced economies. The FSAP includes two major components: a financial stability assessment, which is the responsibility of the IMF, and a financial development assessment, the responsibility of the World Bank. To date, more than three-quarters of the institutions’ member countries have undergone assessments.
Also any such move may invite adverse observations about the autonomy of securities market regulator i.e SEBI during FSAP assessments which are regularly undertaken by IMF and World bank jointly in respect of financial stability and financial sector development in the developing economies and emerging markets. For foreign investors autonomy of securities market regulator is important issue.
So it will be worth watching wheather PMO and finance ministry bow down before Sanjeev Kaushik and will change the established rules..
