The proposal has been discussed by Sebi's Committee on Rationalisation of Financial Resources (CRFR), which favours setting up such a fund, sources said.
It was also suggested that a committee be set up exclusively to examine the issue "holistically in a time-bound manner so that an appropriate compensation framework including superannuation benefits be structured to address the growing organisational needs" of the regulatory authority.
The CRFR, which submitted its report earlier this month, was asked to analyse and suggest various means to bolster Sebi's financial resources to help it deliver its regulatory and investor-protection mandate.
Among other measures, the CRFR suggested a hike in fees charged by Sebi to market intermediaries as well as listed and to-be-listed companies. This was approved by Sebi's board at a meeting last week.
To set up a pension or superannuation fund for Sebi's employees, the CRFR examined schemes offered by the government and public sector undertakings. Besides, it analysed schemes at other regulatory bodies and public financial institutions.
It suggested that a scheme offered by the Insurance Regulatory and Development Authority can be explored but the objective should be to build a superannuation fund that can meet the pension needs of employees. The committee noted that about Rs 10 crore may be required to meet pension needs.
The CRFR said there is a need to critically examine the expanding organisational requirements, particularly with respect to staff expectations, in a move to retain trained manpower and attract new talent to fulfil Sebi's regulatory mandate.
At the same time, the committee said some internal benchmarks for evaluation of performance should be evolved to distinguish performers and create a suitable framework for rewarding them.
The committee was of the view that a suitable exit mechanism should be put in place for employees who are not able to meet organisational expectations.