Chennai, Aug 14 In yet another setback for the Insurance Regulatory and Development Authority of India (IRDAI), the Telangana High Court has ordered the Department of Financial Services to consider the application of S.N .Jayasimhan, Chief General Manager (CGM), for the post of Whole-Time Member (Finance and Investment).
Incidentally Jayasimhan, a qualified chartered accountant had spent a major portion of his stint in IRDAI in the finance and investment department.
The Department of Financial Services had called for applications for the post of Whole-Time Member (Finance and Investment) in IRDAI.
Jayasimhan had sent his application for the post through proper channel and also directly to the Department of Financial Services.
However, the IRDAI did not forward his application.
Aggrieved at this, Jayasimhan had approached the Telangana High Court for relief.
On its part, the IRDAI told the court that it did not forward Jayasimhan’s application to the Department of Financial Services on the ground that he "may not be eligible" for the position.
The insurance regulator also said there was no statutory duty cast on it to forward the application and the notification calling for the applications did not specify that the applications should be routed through it or in government terms "proper channel".
It should be noted that the Department of Financial Services notification had clearly mentioned that the appointment will be made by the Central government on the recommendation of the Financial Sector Regulatory Appointment Search Committee.
In respect of outstanding candidates, the committee may also recommend relaxation in eligibility and qualifications and experience criteria.
The committee is also free to identify and recommend, based on merit, any person other than those who have applied for the office, the notification said.
The question that pops up is, can IRDAI sit on the judgement of who may not be eligible for the post of Whole-Time Member?
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