Government Initiates Search for New SEBI Chairman as Buch’s Term Concludes on February 28
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Synopsis
New Delhi, Jan 27 (NationPress) The Union Ministry of Finance is looking for a new chairman for the Securities and Exchange Board of India (SEBI) as Madhabi Puri Buch's term ends on February 28.
Key Takeaways
- New search for SEBI chairman initiated.
- Madhabi Puri Buch's tenure concludes on February 28.
- Applicants can submit their applications until February 17.
- Unique opportunity with a maximum term of five years.
- First woman to lead SEBI and from the private sector.
New Delhi, Jan 27 (NationPress) The Union Ministry of Finance has commenced the hunt for a new chairman to lead the Securities and Exchange Board of India (SEBI) as the tenure of current chairperson Madhabi Puri Buch concludes on February 28.
A newspaper advertisement from the Finance Ministry was published on Monday, inviting applications from qualified individuals for the prestigious role at the capital markets regulator.
The ad, named ‘Filling up the post of Chairman in Securities and Exchange Board of India’ seeks applications from suitable candidates for the position of SEBI Chairperson based in Mumbai.
According to the job advertisement, “The appointment shall be made for a maximum period of five years from the date of assumption of charge or until the appointee reaches the age of 65, whichever occurs first.”
The new SEBI chairman will have the choice to receive compensation equivalent to that of a Secretary to the Government of India or a consolidated salary of Rs 5,62,500 per month, excluding housing and transportation.
The finance ministry has established a deadline of February 17 for applicants to submit their applications.
Madhabi Puri Buch, appointed as the SEBI head in March 2022, served a three-year term concluding on February 28. She made history as the first woman to lead the capital markets regulator. Prior to her appointment, Buch was a regular member of the SEBI board.
Buch took over from former IAS officer Ajay Tyagi, whose tenure as SEBI chief was extended by two years following his initial three-year term. Tyagi had held significant positions in the Finance Ministry.
She was also the first individual from the private sector to assume the role of SEBI chairman. Her professional journey began in 1989 at ICICI Bank. Between 1993 and 1995, Buch served as a lecturer at West Cheshire College in England. Over 12 years, she worked in various roles, including sales, marketing, and product development. She later led operations. In 2006, she joined ICICI Securities and became their CEO from February 2009 to May 2011. Subsequently, Buch moved to Singapore, joining Greater Pacific Capital in 2011, and held various executive director roles in companies like Zensar Technologies, InnoVen Capital, and Max Healthcare from 2011 to 2017.
