The Ministry of Finance has invited applications to appoint the next Chairperson for the Securities and Exchange Board of India (SEBI), with applications open until February 17. The role, based in Mumbai, offers a maximum tenure of five years or until the appointee reaches the age of 65, whichever is earlier.
The current Chairperson, Madhabi Puri Buch, completes her three-year term on February 28.
“Government of India invites applications from eligible candidates for filling up the post of Chairman in Securities and Exchange Board of India (SEBI), Mumbai,” stated the advertisement from the Department of Economic Affairs (Financial Markets Division). The chosen candidate can opt for either the pay scale of a Government of India Secretary or a consolidated monthly salary of Rs 5,62,500, excluding provisions for a house or car.
Buch took charge as SEBI’s first female chairperson on March 2, 2022, following her five-year stint as a whole-time member at the regulator. Her tenure focused on ensuring transparency, adopting data-driven approaches, and encouraging collaboration, leaving a mark on the Indian securities market.
Under her leadership, SEBI implemented the T+0 settlement system, making India one of the few major economies to adopt this investor-protective measure. She also spearheaded initiatives to tackle speculative behavior in derivatives markets, make business regulations simpler, and improve SEBI’s efficiency by starting to track pendency from the date the first information was received rather than the last.
However, she also faced some code of conduct violation charges during her tenure. Last year, allegations emerged related to her investments in offshore funds linked to the Adani Group and potential code of conduct violations. The charges were made by now-defunct short-seller Hindenburg Research.
Historically, SEBI chairpersons have held office for three years, although exceptions include UK Sinha and Ajay Tyagi, who served six and five years, respectively.
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