Madhabi Puri Buch has been appointed chairperson of the Securities and Exchange Board of India (Sebi), the regulator in charge of overseeing India’s $3.3-trillion stock market ecosystem. She replaces Ajay Tyagi, whose tenure as Sebi chairman ended on Monday.
The Appointments Committee of the Cabinet, headed by the Prime Minister, approved her appointment for an initial period of three years, the government said in a notification on Monday. She is likely to take charge on Wednesday (March 2), as Tuesday is a market holiday.
Puri Buch, 56, will be the first woman, and the first person from the private sector, to head the securities market watchdog. However, she has had a more than four-year stint at Sebi as a whole-time member (WTM) -- a post just below the chairman. The IIM-Ahmedabad alumna will also be the youngest Sebi chief.
Her last-minute appointment took the market by surprise, as many were expecting Tyagi to get an extension.
Tyagi, a 1984-batch IAS officer from Himachal Pradesh cadre, served as chairman for five years.
Puri Buch worked closely with Tyagi during her stint as WTM between April 5, 2017 and October 4, 2021. As Sebi’s WTM, she handled key portfolios, such as surveillance, mutual funds, and collective investment schemes.
She assumes the top post at Sebi at a time when the markets are volatile due to the Russia-Ukraine conflict and sustained selling by foreign investors ahead of interest rate hikes by the US Federal Reserve. Also, in recent weeks, Sebi has been facing criticism over its handling of the case pertaining to lapses at the National Stock Exchange (NSE), which is now being probed by agencies such as the Central Bureau of Investigation and the Income-Tax department.
The market regulator is also vetting the offer document filed by the state-owned Life Insurance Corporation of India (LIC), which is aiming to launch India’s largest share sale in the next few weeks.
Buch has three decades of financial market experience. She joined ICICI Bank in 1989. Since then, she has worked as an investment banker, headed the country's leading broking outfit, held a senior position at a private equity major, and had a brief stint with the New Development Bank, set up by the BRICS bloc of nations.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU