The government on Monday announced the appointment of Madhabi Puri Buch as the new chairperson of the market watchdog: Securities and Exchange Board of India (SEBI). She will be the first woman chairperson of the SEBI.
Ms. Buch, the former CEO of ICICI Securities, also served in SEBI as a Whole Time Member between 2017 and 2021.
Ms Buch will be taking over the reins from Ajay Tyagi, 1984 batch IAS officer of Himachal Pradesh cadre, as his service period will end on February 28 in SEBI.
Mr Tyagi became SEBI Chairperson on March 1, 2017, with a service period of three years.
Upon the end of his service period, he was granted an extension of six-month and later in August 2020, another 18 months extension was added to his service period.
Ms Buch, the new Chairperson of SEBI, has served ICICI bank for 12 years, according to Linkedin, after which she joined ICICI Securities as CEO for 2 years.
She has also been an independent director at the Indian School of Development Management (ISDM), Non-Executive Director at Max Healthcare and Gabelhorn Investments Pte Ltd, Non-Executive Director at Innoven Capital Pte Ltd, amongst many of her job profiles.
The Finance Ministry had called for the applications from eligible candidates in October 2021 for the post of SEBI Chairperson and the last date to apply for the role was December 6, 2021.
The Financial Sector Regulatory Appointments Search Committee (FSRASC), chaired by Cabinet Secretary, is responsible for shortlisting applicants for regulator appointments.
The panel, consisting of the Economic Affairs Secretary and three external experts with subject competence, interviews the selected applicants.
Furthermore, the high-level panel has the right to propose candidates who have not applied for the advertised position.
Based on their interactions, the FSRASC recommends the names to the Appointments Committee of the Cabinet.