NEW DELHI: Madhabi Puri Buch on Monday was elected as the new chairperson of Sebi, the first woman to head the body of the mushroom market process.
He has replaced Ajay Tyagi, whose five-year term has ended.
Board Appointments The board has approved an appointment to meet Buch for a three-year term, sources said.
The authority in this case will be out soon, they added.
He has also worked as a full-time member of the Securities and Exchange Board of India (Sebi).
Previously, Buch was a consultant to the New Development Bank in Shanghai, China. He has also served as the Singapore Chief of Staff of the Private Equity Company, Greater Pacific Capital.
Buch has a long history in the ICICI Group and works as a managing director and senior staff at ICICI Securities Limited and also as a managing director on the ICICI Bank board.
A student of St Stephen’s College, Buch received an MBA from the Indian School of Management, Ahmedabad.
Tyagi, a 1984 IAS staffer of Himachal Pradesh cadre, was elected chairman of Sebi on March 1, 2017, for a three-year term. Then, he gave a six-month extension and later in August 2020, his term was extended by another 18 months.
As a process for selecting directors, the candidates are briefly shortlisted by the FSRASC Appropriations Committee chaired by the ministerial secretary.
According to the Sebi Act, Sebi chairman is elected for a maximum term of five years or up to 65 years, whichever comes first.
The government has extended the extension to UK Sinha for three years, making it Sebi’s second-in-command after DR Mehta. Sinha came under siege before Tyagi took power.