FinMin seeks new SEBI chairperson as Madhabi Puri Buch's tenure nears end

The Ministry of Finance has initiated the process to appoint a new chairperson for the Securities and Exchange Board of India (SEBI), the country's key market regulator. Applications for the position must be submitted by February 17, 2024, as the current SEBI chairperson, Madhabi Puri Buch, is set to complete her term on February 28, 2025.

The Department of Economic Affairs (Financial Markets Division) announced the vacancy, stating that the appointment will be for a maximum of five years or until the appointee reaches 65 years of age, whichever comes first.

Buch assumed the role of SEBI chairperson in March 2022 for a three-year term. Prior to this, she served as a whole-time member at SEBI for five years. Her tenure has been eventful, marked by controversies including allegations of conflict of interest and breaches of the code of conduct concerning her investments in offshore funds associated with the Adani Group. These claims were first brought to light by short-seller Hindenburg and later reiterated by the Congress party. Additionally, Buch faced internal complaints from some SEBI employees who accused her of creating a "toxic work environment," though these matters have since been addressed.

While the typical tenure for a SEBI chairperson is three years, exceptions have been made in the past. UK Sinha and Ajay Tyagi, former chairpersons, served for six and five years, respectively.

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