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The Centre has appointed former United Bank of India chairman and managing director Madhukar and retired revenue official G Anantharaman as whole-time members on the Securities and Exchange Board of India.
The search is now on to appoint one more whole-time director to fill up the quota of three positions for whole time members, said a government official.
The market regulator's board had been reduced to four after A K Batra put in his papers following health reasons. Batra was not keeping well for a few weeks and was on leave before resigning. Earlier Nagarajan, another whole-time member, had retired in September. Batra and Nagarajan were the only full-time members.
Expenditure secretary D Swarup, chief economic advisor Ashok Lahiri and Reserve Bank of India Deputy Governor K J Udeshi, are part-time members.
Both the new members have a tenure up to the attainment of 62 years or until further orders, whichever is earlier.
Madhukar was credited with turning around the Kolkata-based United Bank of India. Anantharaman, who was earlier chief commissioner of income tax in Mumbai, was a member in the Kania committee that laid down the roadmap for demutualisation and corporatisation of the stock exchanges.