Market regulator Securities and Exchange Board of India (Sebi) on Monday appointed Madhabi Puri Buch as its chairperson. She would be the first woman to head the capital market regulator, replacing Ayaj Tyagi, who’s tenure was due to end on February 28.
Buch, a former whole-time member of Sebi from April 2017 to October 2021, has been appointed for an initial period of 3 years.
Who is Madhabi Buch?
Sebi’s first woman chief, Buch is a graduate of St Stephen’s College and holds an MBA from the Indian Institute of Management, Ahmedabad.
She has also served as the CEO of ICICI securities from 2009-2011 and has spent nearly two decades in the ICICI group. In her illustrious career, Buch has also worked as a consultant to the New Development Bank in Shanghai, China. She also headed the Singapore office of the private equity firm Greater Pacific Capital.
“The Appointments Committee of the Cabinet has approved the appointment of Madhabi Puri Buch, former Whole Time Member, SEBI to the post of Chairman, Securities and Exchange Board of India (SEBI), initially for a period of three years from the date of assumption of charge of the post, or until further orders, whichever is earlier,” the government said in a notification.
The finance ministry had invited applications for the post in October 2021, the last date to file for which was December 6. As per sources, the contenders for the next Sebi chief post included IFSCA Chairman Injeti Srinivas and ex-Finance Secretary Debasish Panda.
Meanwhile, Tyagi, a 1984 batch IAS officer of Himachal Pradesh cadre, was made Sebi chairman on March 1, 2017, for a period of 3 years. He was then given a 6-month extension and his tenure was further extended by 18 months in August 2020.
As per the Sebi Act, Sebi chairman is appointed for a maximum period of five years or till 65 years, whichever is earlier.
The government had given an extension to U K Sinha for three years, making him the second longest-serving chief of Sebi after D R Mehta. Sinha was at the helm before Tyagi took charge.
