Madhabi Puri appointed as new chairperson of SEBI; first woman to head the market regulator
Madhabi Puri appointed as new chairperson of SEBI
Ms Madhabi Puri Buch has been appointed as the new chairperson of market regulator Securities and Exchange Board of India (SEBI) for an initial period of three years. She is the first woman chairperson of the SEBI and would be the 10th chair of the board.
Ms Puri is the former head of ICICI Securities, also served in SEBI as a Whole Time Member between 2017 and 2021. She will replace Ajay Tyagi as his term ends on today, i.e., Monday, February 28, 2021.
Things that Buch handled as a whole-time member:
- Market regulation
- Market intermediaries' regulation & supervision
- Investor assistance & education
- Integrated surveillance Economic & policy analysis
- National Institute of Securities Markets and Information Technology Department.
The government appointed Madhabi Puri Buch as the chairperson of the market regulator at a time when the stock markets were watching if Ajay Tyagi would get another extension, or the government would appoint a new chairperson for the role.
Mr Tyagi, a 1984 batch IAS officer of Himachal Pradesh cadre, was appointed as SEBI Chairperson on March 1, 2017, for three years. Subsequently, he was given a six-month extension and later in August 2020, his tenure was extended by 18 months.
The Finance Ministry had invited applications for the post of SEBI Chairperson from eligible candidates in October 2021 and the deadline for submission of the applications was December 6, 2021.
As per the procedure for the appointment of regulators, the candidates are shortlisted by the Financial Sector Regulatory Appointments Search Committee (FSRASC) headed by Cabinet Secretary. The shortlisted candidates are interviewed by the panel comprising Economic Affairs Secretary and three external members having domain knowledge.
Besides, the high-level panel has the authority to recommend names other than those who have applied for the advertised post. Based on interactions, FSRASC recommends the name to Appointments Committee of Cabinet headed by the Prime Minister.
Buch holds an MBA from the Indian Institute of Management, Ahmedabad and is a graduate in mathematics from St. Stephen's College, New Delhi.