India’s capital markets regulator has launched a drive to recruit 120 senior executives as it ramps up the workforce ahead of the initial share sale by Life Insurance Corporation of India, which will be the country’s largest public issue.
The Securities and Exchange Board of India will recruit experienced officers in the legal, information technology, research, general and official languages departments over the next four months, the regulator said in a recruitment notice on its website on Wednesday. Its total number is now around 850.
The hiring was done after SEBI processed a record number of applications for the initial public offering last year. More than 110 companies, from online grocers to food delivery startups, listed their shares in Mumbai and raised nearly $18 billion, according to data compiled by Bloomberg. SEBI Chairman Ajay Tyagi recently said that in 2021, Indian stock exchanges were at the seventh position in terms of number of IPOs and eighth in IPO earnings.
The regulator is now planning to fill positions before other tech-start ups and insurance giants raise funds in the primary market. In upcoming deals, State Bank of India, the country’s largest lender, is hoping to raise $1 billion by selling stake in its mutual fund venture through an IPO. More Retail Pvt., a grocery chain backed by Amazon.com Inc., is also considering an offer of up to $500 million, while e-commerce firm Flipkart Online Services Pvt. and digital-education startup Byju’s Pte. Also preparing for the first time share sale.
The market regulator has invited online applications for the posts this month and will conduct the examinations from next month.
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