Mumbai: The government on Monday, February 28, announced Madhabi Puri Buch as new the chairperson of the Securities and Exchange Board of India (Sebi).This appointment also marks a departure from the regular practice of hiring Sebi chairmen members, who were typically men coming from the public sector or bureaucracy. She is the first woman chairperson of the Securities and Exchange Board of India.
Ms Buch, the former head of ICICI Securities, also served in SEBI between 2017 and 2021 as a Whole Time Member.
She will replace Ajay Tyagi as his term ends on February 28.
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 from eligible candidates in October 2021 for the post of SEBI Chairperson 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 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.