Finance Ministry begins search for new SEBI chairperson as Madhabi Puri Buch’s tenure nears end

With less than a month remaining in her tenure, Madhabi Puri Buch’s time as the chairperson of the Securities and Exchange Board of India (SEBI) is set to conclude on February 28. The Ministry of Finance has called for fresh applications for the coveted position, with the deadline for submission set for February 17.

Who is Madhabi Puri Buch?
Buch, who assumed the role of SEBI chairperson on March 1, 2022, made history as the first woman and the youngest person to hold the position. Before this, she had served as a full-time member of SEBI from April 2017 to October 2021. Her tenure, however, has not been without its challenges.

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Over the last year, Buch faced scrutiny, including allegations from US-based short-seller Hindenburg Research regarding SEBI’s probe into the Adani Group. Hindenburg raised concerns about Buch’s objectivity and suggested a conflict of interest. In parallel, the Congress party accused her of corruption and favouritism toward certain corporates. Both Buch and her husband denied these allegations at various stages.

Moreover, Buch also dealt with internal unrest at SEBI, with employees protesting over what they termed a “toxic work culture,” which led the regulatory body to retract a controversial press release on HR matters.

Despite these controversies, Buch’s time at SEBI was marked by key regulatory advancements. These included faster settlement processes, enhanced disclosures from foreign portfolio investors (FPIs), measures to streamline business for mutual funds and alternative investment funds (AIFs), and initiatives to curb market manipulation by stock brokers.

Speculation suggests that various senior bureaucrats may be in the running for the position.

New appointment process
The advertisement for the SEBI chairperson’s position was published in several newspapers on Monday, highlighting that the appointment will be for a five-year term up from the usual three-year duration. The detailed application format will be available on the Department of Economic Affairs website.

As the search for the next SEBI chairperson begins, all eyes will be on the candidates who may step into Buch’s shoes and continue to shape the future of India’s securities market.

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