If you are trying to decide if you should aim to become a SEBI law officer, a key factor is of course what kind of work you will get to do.
We once organised an informal interaction of our SEBI Law officer test prep students who were successful in phase 2 with a SEBI law officer. The idea was that if aspirants get a better understanding of working at SEBI as a law officer they may do a better job of clearing their interview.
Can you guess what questions were asked by the aspirants?
How was it to work at SEBI?
What kind of work does one get in the first year?
How is life after joining SEBI?
What should one keep in mind to settle in faster at the organisation?
Let me share some key highlights that may help you to decide whether life as a SEBI law officer attracts you or not.
(Please consider all information below as strictly illustrative and sufficiently altered to avoid controversies. We do not wish to land any SEBI law officer into trouble for discussing their confidential official work on a public platform 😁. We only hope this may give you a picture about the kind of assignments SEBI law officers may have to undertake.)
#1
One of her initial assignments was to conduct research for a consultation paper on a new securities instrument that was planned to be introduced in the market.
That would enable millions of retail investors to invest in new instruments, apart from equity and debt.
This assignment provided her extensive understanding of how securities markets function.
Advanced economies like the US and UK already have such instruments, but SEBI had been very cautious to allow such an instrument earlier due to the massive risks involved.
However, SEBI leadership considered that after recent economic developments that the right time may have arrived to introduce this instrument to cater to the next leg of the country’s growth.
She got a chance to draft a part of the consultation paper.
Btw, the consultation paper obtained positive feedback from the market and a new instrument was introduced with some minor modifications to the proposed regulation.
#2
She also had a chance to assist the legal affairs department in a litigation matter.
A show cause notice had been issued to the promoters of a BSE 30 listed company.
They had opted to initiate settlement proceedings.
The promoters were represented by a Tier 1 law firm partner and a Bombay High Court senior advocate, who was one of the country’s best securities lawyers.
SEBI had also engaged a senior counsel, and as an officer she was assisting the briefing team from SEBI’s side.
Although she was not officially posted in the legal affairs department, they temporarily needed additional hands due to the massive increase of workload, owing to increased IPOs, new financial instruments and consequent violations.
She felt fortunate to have had the opportunity to work on this assignment alongside some of the most amazing legal luminaries in the country.
#3
Owing to her contribution, she was also engaged in another matter which was very similar. SEBI had identified this violation after conducting a raid.
The promoters had not opted for settlement of proceedings, and SEBI had decided to initiate prosecution before a criminal court.
She got first hand exposure to criminal proceedings in a regulatory matter. Most traditional criminal lawyers had no clue of how to go about this!
#4
Given her incredible work on her previous assignments, last quarter she was entrusted with the responsibility to prepare a draft circular on a new securities malpractice that had recently become prevalent owing to misuse of AI.
This was recently detected by economists and tech experts at SEBI working together, and they had informed the legal team.
It was critical to regulate this new phenomenon to protect the interest of investors in the securities market.
She loved doing this assignment and got true insight into the mindset of a regulator.
When the circular was now notified, media representatives contacted her senior for a quote.
She felt very proud of her work!
My students were spellbound, and felt very excited after getting real and direct exposure to a SEBI law officer!
This was a truly unique experience from a government officer, very different from a traditional government job.