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May 24, 2001
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Money > Business Headlines > Report May 24, 2001 |
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Sebi ranks feel low over lax HRDBS Markets Bureau A not-so-exciting salary structure and tardiness in promoting people have made the Securities and Exchange Board of India cadre across all levels unhappy. For quite some time the general rule of promoting officers every three years has not been followed. Officers are blaming the Sebi management for the current crisis in the appointment of executive directors and attribute it to the absence of the system of grooming candidates and regular promotions at the right time which would have made many of the officers eligible to step into their bosses' shoes. Sources said that there were no Grade F officers in Sebi now, which precluded the current crop of officers being promoted to executive director level. Executive directors Pratip Kar and Dharmishtha Raval are the only Sebi officers who have moved up within Sebi. "These days it is not so easy to move up, plus the officers do not have the required skill level necessary for the posts," said a source, adding that it was one of the reasons that Sebi had been filling up junior level positions with people on deputation from the revenue and other services. The entry level in Sebi is Grade B, which is of the rank of an assistant manager. The next higher scale is Grade C (manager), Grade D (deputy general manager), Grade E (general manager) and grade F (chief general manager). From Grade D onwards the officer is a division chief. While the basic salary of Sebi employees is on par with officers in the same grade in the Reserve Bank of India, Sebi officers do not get most of the allowances, which the central bank employees get. At Grade B level (the entry level), a Sebi officer would get around Rs 12,000 to Rs 15,000 per month while his counterpart in RBI gets in excess of Rs 18,000 in addition to various allowances. In Sebi, the secretaries draw the same level of salary as the officers. The secretaries join at Grade B level though their job functions are nowhere comparable with that of the officers. Sources said that a recruitment drive in September last year managed to attract only 20 candidates. Though no confirmation could be obtained, there is a move afoot to revamp the salary structure in the organisation in order to correct this anomaly. Powered by YOU MAY ALSO WANT TO READ:
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