After its merger with the Securities and Exchange Board of India (SEBI), seven director-level officers of Forward Markets Commission (FMC) will be absorbed by the former, while 41 other employees will become part of the central government employees’ pool.
The merger of the FMC with SEBI is slated for September 28, which will create a unified regulator.
Seven director-level officials of FMC will become part of SEBI from September 29, according to a notification issued by the Finance Ministry.
Out of the seven, there are two directors, deputy directors and assistant directors each while one is a joint director.
“The tenure of... officers in the SEBI shall be co-terminous with their tenure in the FMC, or extend for a period of six months, or until further orders, whichever is earliest,” it said.
In another notification, the Ministry said the 41 FMC employees would hold “their respective offices as employees of the Central government by the same tenure upon the same terms and conditions of service as they would have held under the Commission.”
The manpower requirement at the unified regulator would be met with the officers from FMC (both cadre and deputation) and new hiring. Till new recruitments are done, suitable officers are being drawn from various SEBI departments.
Meanwhile, SEBI has formed a Commodity Cell. Besides, two internal departmental committees (one each in the Integrated Surveillance Department and the Market Intermediaries Regulation and Supervision Department) have been set up.
