The Union government has initiated the selection process for the new chief of market regulator Securities and Exchange Board of India (Sebi).

The finance ministry has put out an advertisement on its website inviting applications for the post.

The current Chairman UK Sinha’s term comes to an end in February next year.

According to the advertisement, the applicants should be within the age group of 50-60 years. The government has reduced the age limit to give youngsters a chance to occupy top posts in government organisations, public sector undertakings (PSUs) and public sector banks.

The government has also allowed individuals from the private sector to apply for the post. Recently, the government has appointed two officials from the private sector in the public sector banks.

The candidates have to apply for the post by October this year. The selection would be done by the government on the recommendations of the search committee. The search committee can also recommend the name of any other person even if he has not applied for the post.

UK Sinha, a Bihar Cadre IAS officer, was appointed as the chairman of the market regulator in February 2011, succeeding CB Bhave. He was initially appointed for three years. Later, he was given a two-year extension.

Sebi has embarked on a recruitment drive for hiring 46 officers from weaker section of the society, as part of its plan to beef up its headcount for faster and more effective execution of its work.

UK Sinha's term at the regulator is marked with over hauling policy changes for the markets.

Under his tenure Sebi repealed more than two decade old insider trading rules and replaced it with a new code, Sebi put forward a new corporate governance norms and gave voice to minority shareholders. Under Sinha's governance the market saw additional platforms being introduced to facilitate the listing of companies with special needs such as Small and Medium Enterprises (SMEs) and startup ventures.

Sebi was also in a lot of headlines due to the ongoing tussle with the corporate entity Sahara group.

C B Bhave's tenure was marked with regulatory actions against malpractices and abolishment of entry load in mutual funds.

He was Sebi's Executive Director (ED) from 1992 - 1996. After that he became Chairman and Managing Director of the then newly created National Securities Depository Limited (NSDL) and then joined Sebi for a period of three years.