Govt invites applications for Sebi chief post as Buch's term ends on Feb 28
Mumbai, Jan 27, 2025
With less than a month left for the tenure of Madhabi Puri Buch to end as the chairperson of Securities and Exchange Board of India (Sebi), the Ministry of Finance has invited fresh applications for the post.
The last day for submission of applications is February 17.
The current chairperson’s tenure ends on February 28. Buch took charge of the board on March 1, 2022 and was the first person from the private sector and the youngest to hold the position. She is also the first woman to chair the market regulator. She had earlier served as the whole-time member of Sebi from April 2017 to October 2021.
An extension in the term can't be ruled out if a proper candidate isn't found before Buch's term ends. Market watchers say several bureaucrats could be in the fray.
The advertisement for the post was published in several newspapers on Monday. According to the advertisement, the new appointment will be for five years instead of the usual three-year tenure.
The detailed application format will be made available on the Department of Economic Affairs' website.
Buch’s last year in the office has remained turbulent with allegations from US-based short seller Hindenburg on the market regulator’s probe in the Adani matter. The short seller, which has now decided to wind up its operations, had questioned the objectivity of Buch in the probe and alleged conflict of interest. Congress on the other hand had made accusations of corruption and benefiting from other corporates.
However, Buch and her husband have refuted the allegations at different stages.
Further, Buch also faced criticism from Sebi employees, who went on protest on several matters, including allegations of “toxic work culture”. The protests had forced Sebi to withdraw a press release on the HR-related issues.
Despite being at the centre of the storm, Buch's tenure also saw fast-paced changes in the regulatory ecosystem with faster settlements, more disclosures from foreign portfolio investments (FPIs), more ease of business steps for mutual funds, AIFs, and steps to curb float with the stock brokers.
[The Business Standard]
