new Delhi: Madhabi Puri Buch was on Monday appointed as the chairman of market regulator Securities and Exchange Board of India (SEBI).
She will replace the incumbent Speaker Ajay Tyagi as her term ends on February 28. Butch is the first woman chairman of SEBI. According to a report in PTI, a formal order in this regard will be issued shortly.
Butch, the former head of ICICI Securities, also served as a whole-time member in SEBI between 2017 and 2021. A graduate of St. Stephen’s College, Butch has an MBA from the Indian Institute of Management, Ahmedabad.
Previously, Butch was an advisor to the New Development Bank in Shanghai, China. He 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 as the chairman of SEBI on March 1, 2017 for a period of three years.
Thereafter, he was given an extension of six months and later in August 2020, his tenure was extended for another 18 months.
Earlier, the Ministry of Finance had invited applications from eligible candidates for the post of SEBI Chairman in October 2021 and the last date for submission of applications was December 6, 2021.
As per the process of appointment of regulators, candidates are shortlisted by the Financial Sector Regulatory Appointments Search Committee (FSRASC) headed by the Cabinet Secretary.
The shortlisted candidates are interviewed by a panel consisting of the Secretary of Economic Affairs and three external members having domain knowledge.
In addition, the High Level Panel reserves the right to recommend names other than those applied for the post advertised.