SEBI for pay hike to staff; salaries may nearly doubleSEBI has proposed to raise the salaries of it staff. There would be an annual payout of around 14.46 crores. The biggest beneficiaries would be the senior level employees. There would be 90% hike in their salaries.
There were more than 600 employees in Securities and Exchange Board of India (SEBI) at the end of last fiscal. There are around 500 officers of various ranks. Apart from this there are secretaries and other support staff.
There was a discussion at the SEBI board about the issues regarding higher investment limit. The issue for hike in pay scales was also discussed at the same time.
A memorandum was presented which said that no pay hike has been there since 2007 although RBI had accorded special allowances for the officers and a revision in the salaries during the period. It had earlier been decided by the SEBI board that the pattern of the scale of salaries would be according to the pattern of RBI.
Since RBI has again revised the pay scales and allowances, SEBI has also proposed to extend the benefits of this revision with effect from NOV 1, 2007.
A special grade allowance has also been proposed to be implemented by SEBI like the one introduced by RBI in 2005 and 2007.
The top grade officers are expected to get salaries as high as Rs 67000 per month which is Rs 35600 at present. There would be an increase of even more than 92% for senior most officers. Junior level officers would be getting a rise from Rs 23185 to Rs 35313.
Staff allowances on medical, briefcase and telephone reimbursement has also been increased since last year. The benefit of reimbursement on family health check up and Eye refraction Test is also provided.
All this was being planned since quite a long time. The estimated total revenue of SEBI for the financial year 2010-2011, is at about Rs 155.13 crore, as against revised revenue expenditure of Rs 766.5 crore in the previous fiscal. This is mainly due to the rise in expenditure due to the revised salaries.
The proposed salary of the next Chairmen of SEBI is Rs 3 lakh per month.