Taking over Sebi's reins: Madhabi Puri Buch all set to hit ground running

Madhabi Puri Buch’s elevation to chairperson’s post at the Securities and Exchange Board of India (Sebi) follows a hard grind as a whole-time member (WTM) of the markets regulator between April 2017 and October 2021.

Back in 2017, with three decades of experience in the financial sector under her belt, she decided to become part of the public services space. During her stint as WTM, she tried to inculcate a culture among her junior staffers to extensively use modern and establishing links using technology. During her last press conference as WTM, she had said: “Today Sebi is a tech-savvy regulator. That is my single-biggest achievement.” technology and data. Several orders passed by Puri Buch in matters, such as insider trading, show extensive data-crunching

According to industry watchers, Puri Buch has a consultative approach when it comes to policymaking. She was instrumental in bringing path-breaking changes to the MF industry. These include a further reduction in the cost of investing, increasing skin-in-the-game for MFs, and introducing more safeguards for debt schemes.

“For any task that is seemingly hard at the outset, Puri Buch has the knack of bringing clarity and innovative solutions,” said a person who has worked closely with her, adding, one can expect many innovative changes during her reign at Sebi’s helm.
As Sebi chief, she can bring in a sharp perspective on steps that will be required to support market development, boost investment activity, and economic growth, say industry experts.

Puri Buch’s appointment as Sebi chief arguably catapults her to the top of the league tables of the most powerful women in the financial services space.

Industry players say her appointment will ensure continuity at Sebi and she can hit the ground running as her experience as WTM will come in handy.

Puri Buch joins at a time when Sebi has a bit of a vacuum at the top. The regulator is currently operating with just two WTMs. The Centre needs to appoint two members as she and G Mahalingam’s demitted office late last year. Add to that the stock market volatility, the NSE controversy, and LIC IPO. She has her work cut out.

“If there is someone who can work effectively through a mountain of challenges, it is her,” recalls an ex-colleague.

An alumna of the Indian Institute of Management (IIM), Ahmedabad, she joined ICICI Bank initially as a project finance analyst in 1989 (she was there until 1992). After a break, she rejoined the private sector lender in 1997 and quickly rose through the ranks to become an executive director (ED) in 2006.

Puri Buch was among the executives at ICICI Bank who were groomed by K V Kamath, the then CEO of the bank. She was transferred to the bank’s arm ICICI Securities, a broking and investment banking firm, where she served as CEO between 2009 and 2011.

She later moved to Singapore following her husband’s transfer at Unilever. There she joined London-based private equity Greater Pacific. She also had a four-month stint with New Development Bank in Shanghai, where Kamath was inaugural president.

She has served as an independent director for several firms, including Idea Cellular.

Puri Buch has also worked for social causes such as cancer research, uplift of underprivileged children, and education.