Digital Desk: Madhabi Puri Buch was appointed as the new chairman of market regulator SEBI by the government on Monday. She is the first woman to lead the Securities and Exchange Board of India.
Buch, the former CEO of ICICI Securities, also served as a Whole Time Member of SEBI from 2017 to 2021.
She will replace Ajay Tyagi, whose term will expire on February 28, 2022.
On March 1, 2017, Tyagi, IAS officer of the 1984 batch of Himachal Pradesh cadre, was selected as SEBI Chairperson for a three-year term. He was then given a six-month extension, followed by an 18-month extension in August 2020.
In October 2021, the Finance Ministry issued a call for applications from qualified applicants for the position of SEBI Chairperson, with a deadline of December 6, 2021.
The Financial Sector Regulatory Appointments Search Committee (FSRASC), chaired by the Cabinet Secretary, who is in charge of shortlisting applicants for regulator appointments.
The panel, which consists of the Economic Affairs Secretary and three external experts with subject competence, interviews the shortlisted candidates.
Furthermore, the high-level panel has the right to recommend candidates who have not applied for the advertised position. Finally, based on interactions, the FSRASC proposes the name to the Prime Minister's Appointments Committee.
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