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Finance Ministry Invites Applications for Sebi Chairperson as Madhabi Puri Buch’s Tenure Nears End

Sebi

As less than a month remains in Madhabi Puri Buch’s tenure as the Chairperson of the Securities and Exchange Board of India (Sebi), the Ministry of Finance has called for fresh applications for the position. The last date for submitting applications is February 17.


Buch, who made history as the first woman, the youngest appointee, and the first person from the private sector to head Sebi, assumed the role on March 1, 2022. Her current term concludes on February 28, 2025.

Before becoming chairperson, she served as Sebi’s whole-time member from April 2017 to October 2021. Although the ministry is inviting applications, an extension of Buch’s tenure remains a possibility if a suitable candidate is not finalized by the end of her term.

Market insiders suggest that several bureaucrats might be considered for the role.

New Appointment Tenure Extended

An advertisement for the position was published on Monday in leading newspapers, announcing a change in the tenure of the new chairperson. Unlike the typical three-year term, the new appointment will be for five years. Detailed application guidelines will be available on the Department of Economic Affairs' website.

Challenges During Buch’s Term

Buch’s tenure has been marked by significant challenges. Among the most notable was Sebi’s investigation into allegations against the Adani Group, brought forward by US-based short-seller Hindenburg Research.

The firm questioned Buch’s impartiality in the probe and alleged a conflict of interest, while political parties, including the Congress, accused the Sebi chairperson of corruption and favoritism toward certain corporates.

Buch and her husband denied these allegations at various stages. Additionally, her tenure saw protests from Sebi employees over issues such as an alleged “toxic work culture.”

These protests prompted Sebi to retract a press release related to HR concerns.

Reforms and Achievements

Despite controversies, Buch introduced several key reforms that modernized India’s regulatory framework.

These included:

Faster settlements in regulatory cases.

Enhanced disclosure norms for foreign portfolio investors (FPIs).

Simplified compliance measures for mutual funds and alternative investment funds (AIFs).

Steps to curb free float shares with stockbrokers.

Madhabi Puri Buch’s tenure has been a mix of transformative regulatory changes and high-profile controversies, leaving her successor with a challenging yet dynamic regulatory environment to navigate.

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