New Delhi: Senior Indian Revenue Service (IRS) officer Sandeep Pradhan is likely to be appointed as a Whole-Time Member (WTM) on the board of the Securities and Exchange Board of India (SEBI), according to sources familiar with the development.
Mr Pradhan, who currently serves as Chief Commissioner in the IRS cadre, is among the seven to eight candidates shortlisted by the government for one of the two Whole-Time Member positions at the market regulator.
Selection Process Nears Completion
Interviews for the key regulatory post were held in New Delhi last week, with Sandeep Pradhan and former SEBI Executive Director V.S. Sundaresan emerging as frontrunners, sources said. The shortlisted candidates were interviewed by a high-level panel comprising officials from the Finance Ministry and the Cabinet Secretariat.
The appointment process is part of a larger reshuffle within SEBI’s top management, following the completion of the terms of two existing Whole-Time Members – Ashwani Bhatia and Ananth Narayan Gopalkrishnan.
While interviews for Mr Bhatia’s successor have concluded, the selection process for the second WTM post, vacated by Mr Gopalkrishnan on October 9, is expected to begin shortly.
Role of Whole-Time Members
Whole-Time Members of SEBI play a crucial role in shaping India’s capital-market regulation and enforcement. They are responsible for oversight of policy formulation, market surveillance, investigation, and investor protection. Typically, the SEBI Board includes a Chairman, four Whole-Time Members, and representatives from the Finance and Corporate Affairs ministries.
Given SEBI’s expanding mandate in areas like digital trading, fintech oversight, and corporate governance, the appointment of an experienced regulatory officer like Mr Pradhan is seen as a strategic move to strengthen institutional leadership.
Background on Sandeep Pradhan
Mr Pradhan, an officer of the Indian Revenue Service (IRS), has held several senior positions in the Income Tax Department and is currently posted as Chief Commissioner. Known for his administrative acumen and expertise in financial regulation and taxation, he has been involved in multiple policy-level initiatives related to tax compliance and fiscal reforms.
Awaiting Official Confirmation
As of now, no formal announcement has been made by either the government or SEBI regarding Mr Pradhan’s appointment. However, officials indicate that a final decision could be notified soon, pending approval by the Appointments Committee of the Cabinet (ACC).
Once confirmed, Mr Pradhan’s induction is expected to bring regulatory depth and fiscal insight to SEBI’s policy leadership, especially at a time when the market watchdog is navigating challenges linked to market integrity, corporate disclosures, and investor confidence.
