T he power corridors are abuzz again, but not over taxes or budgets this time. Eyeballs are fixed on who’ll get to wield the next big regulatory stick. The government’s hunt for new full-time members of SEBI, the capital markets watchdog, has thrown up two clear frontrunners, according to sources: VS Sundaresan, a SEBI insider and former Executive Director, and Sandeep Pradhan, an Indian Revenue Service (IRS) officer with a taste for enforcement.

What’s interesting is the sheer number of IRS officers who’ve thrown their hats in the ring, showing just how irresistible the lure of regulatory power is. Sundaresan represents the old-school SEBI DNA: steady, experienced, and predictable. He knows the rulebook and how to wield it. In a system jittery about credibility, that’s comforting. But c

See Full Page