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Capital markets watchdog Sebi has initiated the process to hire 97 officers in different departments this year, a move that will help in faster and more effective execution of its regulatory role.

This came after the Securities and Exchange Board of India (Sebi) invited applications for 25 senior-level posts in the legal department in June last year.

In its public notice issued earlier this month, Sebi has invited applications from Indian citizens for the post of Officer Grade A (Assistant Manager) for General, legal, information technology, engineering electrical, research and official language streams.

The regulator is looking to fill 62 positions in the General stream, 24 in information technology, five in the legal team and two each in engineering electrical, research and official language departments.

Selection will be carried out in three phases. Phase I will be an online examination consisting of two papers. Candidates shortlisted in Phase I will appear for Phase II, which will also be in the form of online examinations consisting of two papers. Candidates shortlisted in Phase II will be called for an interview, as per the notice issued.

Sebi has been beefing up its headcount over the last few years. In July 2022, the regulator invited applications for 24 senior-level executives in the information technology department. In January 2021, the markets regulator invited applications for the recruitment of 120 Officer Grade A (Assistant Manager) in different streams.

In March 2020, the regulator invited applications for 147 senior-level officials and around 1.4 lakh people applied for these positions.

Formed by the government in 1988, Sebi was given statutory powers after the passage of the Sebi Act in 1992 after the Harshad Mehta scam hit the Indian markets.

As per its preamble, Sebi is mandated to protect the interests of investors in securities as well as promote and regulate the securities markets. It regulates business in stock exchanges and other securities markets, registers and regulates various market intermediaries, including brokers, merchant bankers, registrars, portfolio managers and investment advisers, as well as foreign portfolio investors, credit rating agencies, mutual funds and venture capital funds.