Madhabi Puri Buch has been appointed the new chairperson of market regulator SEBI, the first woman to head the market regulatory watchdog, the Indian Express reported on Monday. Madhabi Puri Buch, who will be the 10th chair of the board, was earlier a whole-time member (WTM) at the Securities and Exchange Board of India. She replaces the outgoing chief Ajay Tyagi, whose appointment was to end on February 28. The new appointment comes as the stock markets were watching if Ajay Tyagi would get another extension, or the government would appoint a new chairperson for the role.
Madhabi Puri Buch’s appointment as chairperson of SEBI is for a period of three years initially. Before this appointment, she has been a whole-time member at SEBI since April 2017. Last year, she was also appointed as a head of SEBI’s seven-member committee on technology – the Advisory Committee for Leveraging Regulatory and Technology Solutions.
Her appointment as the head of India’s capital markets regulator comes at a time when domestic markets as well as the global markets have been roiled with uncertainty and volatility amid the backdrop of COVID-19 pandemic, central bank policy tightening actions and now the war between Ukraine and Russia. On the other hand, in the Indian markets, there has been an influx of new age retail traders who have become an instrumental part and have found recognition in earlier SEBI statements.
Madhabi Puri Buch earlier served as non-executive director of companies such as Idea Cellular Ltd, Zensar Technologies, and Max Healthcare. She headed ICICI Securities as chief executive for two years. Madhabi Puri Buch studied at St Stephen’s College, University of Delhi, and completed a degree in management at Indian Institute of Management, Ahmedabad.
She replaces the outgoing chief Ajay Tyagi, a 1984 batch IAS officer, who headed the capital markets regulator for the last five years. Tyagi was initially appointed in 2017 for three years, following the completion of his three-year term, he was given a six-month extension. His tenure was further extended by another 18 months.
Madhabi Puri Buch has donned various hats and has served as a member on various committees such as the National Stock Exchange’s Committee on F&O Segment. Puri Buch has been a founding committee member of Indian Banks Association and has been a management committee member of Bombay Chamber of Commerce and Industry.