Securities and Exchange Board of India (SEBI) announced on Monday that Madhabi Puri Buch has been appointed as the new Chairperson of the board.
She is also the first person from the private sector to head the market regulator.
Tenure, salary for Buch
Buch has been appointed to the Securities and Exchange Board of India (Sebi) post for a period of three years, an order issued by the Personnel Ministry said.
The appointment would be initially for three years from the date of assumption of post or until further orders, which is earlier, the notification added.
She will get pay as admissible to a additional secretary to Government of India or a consolidated salary of Rs 3.75 lakh per month, it said.
Current chairman Tyagi's tenure ends today
The tenure of current SEBI chairman Ajay Tyagi ends on February 28.
Last week, Finance Minister Nirmala Sitharaman said "the process of calling for application has already happened... shortlisting probably is yet to happen" while responding to a question regarding the tenure of Tyagi coming to an end this month.
Who is Madhabi Puri Buch?
This is not the first time Puri Buch is associated with SEBI.
With over three decades of experience in the financial markets, Puri Buch served as Whole Time Member at SEBI between April 5, 2017 and October 04, 2021.
During her tenure at SEBI, she handled portfolios such as surveillance, collective investment schemes and investment management.
She was appointed to head a new committee constituted by the market regulator to technology in December 2021.
Previously, Buch was a consultant to the New Development Bank in Shanghai, China.
She has also served as the Head of the Singapore office of the Private Equity Firm, Greater Pacific Capital.
Buch had a long stint in ICICI Group and served as the managing director and chief executive officer at ICICI Securities Limited and also as executive director on the board of ICICI Bank.
Buch is founder-director of Agora Advisory Pvt Ltd and currently at the New Development Bank in Shanghai, China.
She holds an MBA from the Indian Institute of Management, Ahmedabad. She is a graduate in mathematics from St. Stephen's College, New Delhi.
Buch worked for a year with an NGO before joining ICICI in its corporate finance department.
How candidates are selected for SEBI top job
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.
As per the Sebi Act, Sebi chairman is appointed for a maximum period of five years or till 65 years, whichever is earlier.
Tyagi, a 1984 batch IAS officer of Himachal Pradesh cadre, was appointed as Sebi chairman on March 1, 2017, for a period of three years. Subsequently, he was given a six-month extension and later in August 2020, his tenure was extended by another 18 months.
The government had given an extension to U K Sinha for three years, making him the second longest-serving chief of Sebi after D R Mehta. Sinha was at the helm before Tyagi took charge.
(With inputs from Agencies)
