The Securities and Exchange Board of India has appointed Madhabi Puri Buch, a former SEBI Whole Time Member (WTM), as the chairperson. With her appointment, she becomes the first woman to head the market regulator.
In December 2021, she was appointed as the head of the new technology committee set up by SEBI. With experience of over 30 years in the financial markets, she served as the SEBI WTM between 2017 and 2021. The development comes as the five-year tenure of the incumbent chairman, Ajay Tyagi ends on February 28. Notably, in October last year, the Ministry of Finance had started inviting applications for the post of chairman of the market regulator. The last date of submission of the applications was December 6, 2021.
As part of the selection process, the Financial Sector Regulatory Appointments Search Committee (FSRASC), which is headed by the Cabinet Secretary, shortlists the candidates. After which the shortlisted candidates are interviewed by the panel comprising Economic Affairs Secretary and three external members having domain knowledge.
Based on interaction, FSRASC recommends the name to the Appointments Committee of Cabinet headed by Prime Minister Narendra Modi for approval.
Prior to becoming a SEBI WTM, Puri Buch had a stellar career with ICICI Bank as the MD and CEO of ICICI Securities between 2009 and 2011. She has also worked with Singapore-based Greater Pacific Capital LLP.