New Delhi: Madhabi Puri Buch was appointed as the chairperson for market regulator Securities and Exchange Board of India (Sebi) on Monday.
She will replace the current chairman Ajay Tyagi as his term ends on February 28. Buch is the first woman chairperson of the Sebi. A formal order in this regard would be issued shortly, according to a report in the PTI.
Buch, the former head of ICICI Securities, also served in the Sebi between 2017 and 2021 as a whole-time member. A graduate of St Stephen's College, Buch holds an MBA from the Indian Institute of Management, Ahmedabad.
Previously, Buch was a consultant to the New Development Bank in Shanghai, China. She has also served as the head of the Singapore office of the private equity firm, Greater Pacific Capital.
Tyagi, a 1984 batch IAS officer of Himachal Pradesh cadre, was appointed Sebi chairperson on March 1, 2017, for three years.
Subsequently, he was given a six-month extension and later in August 2020, his tenure was extended by 18 months.
Earlier, the Finance Ministry had invited applications from eligible candidates in October 2021 for the post of Sebi chairperson and the deadline for submission of the applications was December 6, 2021.
According to the procedure for the appointment of regulators, the candidates are shortlisted by the Financial Sector Regulatory Appointments Search Committee (FSRASC) headed by Cabinet Secretary.
The shortlisted candidates are interviewed by the panel comprising Economic Affairs Secretary and three external members having domain knowledge.
Besides, the high-level panel has authority to recommend names other than those who have applied for the advertised post.