The Securities and Exchange Board of India (Sebi) has amended the eligibility criteria for the post of executive director (ED), by restricting the position to internal candidates working only as legal professionals.

This means that candidates with a legal background cannot apply for ED positions that are vacant in the general stream.

The move comes ahead of the interview of internal candidates for the post of two EDs in the general stream, scheduled for August 13.

At present, at ED level, Sebi’s regulations don’t formally recognise any particular stream or specialisation.

Amending the Employees Service Regulations, the government in a gazette notification dated August 5 said, “Internal candidates from grade F of all streams, except the legal stream, with minimum three years of service in the said grade will be promoted.”

Under new rules, the legal stream has been excluded from the general stream. Those applying for ED (law) position will require the minimum qualification of LLB from a recognised university with a minimum of 20 years of post-qualification experience in law, the gazette notification says.

The issue was recently brought up by Sebi’s employee association following an advertisement for ED’s post. ,,