Nomination of Dr Manoj Govil, Secretary, Ministry of Corporate Affairs, as Member, Securities and Exchange Board of India

## Policy Analysis Report: Amendment to Securities and Exchange Board of India Act, 1992 **1. Executive Summary:** This report analyzes a notification issued by the Ministry of Finance, Department of Economic Affairs, Government of India, published on December 9, 2022. This notification constitutes an amendment to a previous notification (S.O. 195E dated 09.03.1992) related to the Securities and Exchange Board of India (SEBI) Act, 1992. The core purpose of this amendment is to nominate Dr. Manoj Govil, Secretary, Ministry of Corporate Affairs, as a Member of SEBI, replacing Shri Rajesh Verma, the ex-Secretary of the same ministry. The key finding is that this amendment focuses solely on a personnel change within SEBI's membership. **2. Introduction:** This report provides an informative analysis of a specific amendment to the Securities and Exchange Board of India (SEBI) Act, 1992, as detailed in the provided government notification. The analysis is based solely on the text provided and aims to offer clarity regarding the nature and implications of the amendment. **3. Policy Overview:** * This notification amends the original notification S.O. 195E dated 09.03.1992, which likely pertains to the composition and powers of the Securities and Exchange Board of India (SEBI) based on Section 4 of the SEBI Act, 1992. * The core objective of the *amendment* is to effect a change in the membership of the Securities and Exchange Board of India. **4. Background and Rationale:** This amendment addresses a specific personnel change within SEBI. The amendment is likely necessitated by the departure of Shri Rajesh Verma from the position of Secretary, Ministry of Corporate Affairs, and the subsequent need to appoint a successor to maintain the board's operational capacity and expertise. **5. Key Provisions / Changes:** This notification *specifically* introduces the following change: * **Specific Part of Original Policy Changed:** The composition of the Securities and Exchange Board of India as defined under the original notification (S.O. 195E dated 09.03.1992) and likely governed by subsection 4 read with subsection 1 of Section 4 of the Securities and Exchange Board of India Act, 1992. * **New Rule/Provision:** Dr. Manoj Govil, the Secretary of the Ministry of Corporate Affairs, is nominated as a Member of the Securities and Exchange Board of India. * **Difference/Effect of Change:** This replaces Shri Rajesh Verma, the ex-Secretary of the Ministry of Corporate Affairs, who previously held the member position. The change ensures continued representation from the Ministry of Corporate Affairs on the SEBI board, likely to maintain coordination between the two entities. **6. Target Audience and Stakeholders:** The primary stakeholders directly affected by this change are: * The Securities and Exchange Board of India (SEBI) and its internal operations. * The Ministry of Corporate Affairs, ensuring continued representation and collaboration. * Indirectly, entities regulated by SEBI, as changes in board membership can influence policy decisions. **7. Implementation Aspects (Inferred):** * **Responsible Agency/Bodies:** The Ministry of Finance, Department of Economic Affairs, is responsible for issuing the notification and implementing the change. SEBI is responsible for integrating the new member into its operations. * **Timelines/Procedures:** The amendment is effective from the date of the notification, December 9, 2022. No specific procedures are outlined in the text beyond the nomination itself. **8. Expected Outcomes / Impact of Changes:** The likely intended outcome of this amendment is a seamless transition in board membership, ensuring continued expertise and coordination between the Ministry of Corporate Affairs and SEBI. The impact of this specific change is expected to be primarily administrative, ensuring the SEBI board remains fully functional and informed. It aims to avoid any disruption in SEBI's regulatory activities. **9. Conclusion:** The notification dated December 9, 2022, represents an amendment to the Securities and Exchange Board of India Act, 1992, focused on a change in SEBI board membership. The amendment nominates Dr. Manoj Govil as a member, replacing Shri Rajesh Verma. The likely significance lies in maintaining continuity and expertise within SEBI's governance structure. This change ensures the continued and effective functioning of SEBI in its regulatory role.

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