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Informist, Wednesday, Sept. 9, 2026

 

By Rajesh Gajra

 

MUMBAI – Securities and Exchange Board of India's Whole-Time Member Kamlesh Chandra Varshney does not know yet whether he will be granted an extension. His three-year term ends Sept. 19. Addressing a question from Informist on the sidelines of the Global Fintech Fest 2026 here whether his term will get extended, Varshney said he has "no idea".

 

Varshney had joined SEBI on Sept. 20, 2023. Prior to his appointment as whole-time member, he was joint secretary (tax policy and legislation) in the department of revenue of the government of India. He has had long experience of working in various capacities in the income tax department and the finance ministry. At SEBI, he is in charge of the departments of prosecution and settlement, enforcement, corporation finance, integrated surveillance, corporation finance investigation, and legal affairs.

 

Varshney's last major order as whole-time member came on Aug. 19 when he passed an interim order against Copthall Mauritius Investment Ltd. and Mansi Share and Stock Broking Pvt. Ltd. for alleged manipulation during the closing auction session on the BSE Sensex futures and options contracts on expiry day on Aug. 13.

 

Whole-time members of SEBI are appointed by the government. In May, the economic affairs department of the finance ministry had issued a notification inviting applications for the posts of two whole-time members. If Varshney gets an extension, the finance ministry will have to issue a notification in The Gazette of India to that effect before his term expires. The tenure and other terms and conditions are decided by the government on a case-by-case basis. In the last few years, tenures of whole-time members have been of three years.

 

Last month, then whole-time member Amarjeet Singh's three-year term ended Aug. 31. Singh did not receive an extension. Singh was handling the investment management department, treasury and accounts department, department of debt and hybrid securities, board cell, Parliament questions cell, Right to Information Act cell, human resources department, office of international affairs, and the regional and local offices of SEBI. Prior to his stint as whole-time member, Singh had risen up the ranks at SEBI over more than two decades to the post of executive director.  End

 

Edited by Rajeev Pai

 

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