Markets regulator Sebi plans to appoint a full-time chief vigilance officer (CVO) primarily to keep a check on its officials and their dealings. The position of CVO will be equivalent to that of an executive director in terms of pay and benefits.
He would be responsible for detecting and punishing malpractices within the organisation. The board of Sebi has already approved a proposal in this regard, officials said. Besides, Chief Vigilance Commission has also advised that considering the dealing of Sebi with sensitives cases, a full-time CVO may be appointed.
According to officials, Sebi as a regulator is different and is more likely to be exposed to vigilance related issues in future. The markets watchdog would soon come out with an advertisement inviting applications for the position of CVO. External candidates would be considered for the post.