SEBI to hasten hiring for the next four months ahead of LIC IPO

The regulatory body for the securities and commodity market in India, SEBI, has begun a drive to hire 120 senior officials as it strengthens the headcount before the initial share sale by LIC, Life Insurance Corporation of India, which is said to be the biggest public issue of the nation.

In the coming four months, SEBI, Securities and Exchange Board of India, will be hiring experienced officials across information technology, legal, general, research, and official language departments, said the regulator in a recruitment notice published on its website recently.

At present, the firm’s headcount stands at 850.

The hiring follows SEBI processing a record number of applications for initial public offerings last year.

According to credible sources, around 110 companies comprising online grocers to food delivery startups have listed their shares in Mumbai and have raised almost $18 billion.

SEBI Chairman Ajay Tyagi recently said that in 2021, India’s stock exchange was ranked 7th in terms of numbers of IPOs and 8th in the proceedings of IPO’s globally.

The regulator plans to fill all the positions before the other tech startups and the insurance companies raise funds in the primary market.

Furthermore, SEBI will be considering online applications starting from this month and conducting the examinations starting from next month.

Apart from this, the country’s biggest lender, SBI, State Bank of India, is expected to secure around $1 billion by trading a stake in its mutual fund venture via an IPO.

In addition, a grocery chain, More Retail Pvt., which is backed by Amazon, is also planning to look at an offering of about $500 million. Meanwhile digital-education startup Byju’s and e-commerce firm Flipkart Online Services Pvt. are also planning for first-time share sales.

Source Credit - https://www.thehindubusinessline.com/markets/sebi-ramps-up-hiring-ahead-of-lic-ipo/article38142212.ece