New Delhi: Madhabi Puri Buch has been the next chairman of the India Capital Markets Authority, Security and Exchange Commission of India (SEBI).
Buch is the first woman to lead SEBI, and has been nominated for three years. The former SEBI All Time Member (WTM) has already been selected to oversee the new product manager technology team.
“The Cabinet Appointment Committee has approved the appointment of Smt. Madhabi Puri Buch, Former All-Time, SEBI, to the position of Chairman, Securities and Exchange Board of India (SEBI), at the beginning of a term of three years from date of the assumption of postage, or until further orders, any existing ones, ”the government said in a statement on Monday.
Buch is not only the first woman to work as a WTM of SEBI, but also the first person from the private sector to work for a director. He started his career at ICICI Bank and rose through the ranks to become Managing Director (MD) and Managing Director of ICICI Securities from February 2009 to May 2011.
In addition, this will be the first time since 2002 that the government has appointed a non-IAS to lead SEBI. GN Bajpai, former chairman of LIC, was elected chairman of SEBI in April 2002. His term ended in February 2005.
Since then, all four SEBI directors – M Damodaran, CB Bhave, UK Sinha, and Ajay Tyagi – have come from the Indian Civil Aviation Authority (IAS) cadre.
Buch moved to Singapore in 2011 to work at Greater Pacific Capital LLP. He is the President and Founder of Agora Advisory Pvt Ltd. He also worked for three years at the New Development Bank in Shanghai.
A former ICICI banker has graduated from the Indian Institute of Management (IIM) in Ahmedabad with a management degree.
Madhabi Puri takes over for Ajay Tyagi, whose term as SEBI chairman ends today. The Finance Ministry invited applications for the chair position in October, with a December 6 deadline for submission.