Indian Market Regulator Ramps Up Hiring Ahead of Insurer’s IPO
India’s capital markets regulator has started a drive to recruit 120 senior executives ahead of the nation's largest IPO.
(Bloomberg) -- India’s capital markets regulator has started a drive to recruit 120 senior executives as it beefs up headcount ahead of the initial share sale by Life Insurance Corp. of India, in what will be the nation’s biggest public issue.
Securities and Exchange Board of India will be recruiting experienced officials across legal, information technology, research, general and official language departments over the next four months, the regulator said in a recruitment notice on its website Wednesday. Its overall headcount stands at about 850 now.
The hirings follow SEBI processing a record number of applications for initial public offerings last year. Over 110 companies from online grocers to food delivery startups listed their shares in Mumbai and raised almost $18 billion, according to data compiled by Bloomberg. In 2021, Indian stock exchanges ranked seventh in terms of number of IPOs and eighth in IPO proceeds globally, SEBI Chairman Ajay Tyagi said recently.
The regulator now plans to fill positions before other tech-start ups and the insurance giant raise funds in the primary market. Among upcoming deals, State Bank of India, the country’s biggest lender, is expected to raise $1 billion by selling a stake in its mutual fund venture through an IPO. More Retail Pvt., a grocery chain backed by Amazon.com Inc., is also looking at an offering of as much as $500 million, while e-commerce firm Flipkart Online Services Pvt. and digital-education startup Byju’s Pte. are also preparing for first-time share sales.
The markets regulator has invited online applications for the positions this month and will be holding examinations starting next month.
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