SEBI gets first woman chief: Madhabi Puri Buch has challenges laid ahead
India’s market regulator, SEBI (Securities and Exchange Board of India) has its first woman chairperson Madhabi Puri Buch. The appointment was made by the Government of India on Monday, which will be for an initial term of three years. 56-year-old Buch is an investment banker with impeccable academia and is a unique selection as all of her predecessors have been IAS officers.
Buch is taking over the SEBI’s reins from outgoing chairperson Ajay Tyagi as the national market regulator is currently struggling with controversies for mishandling of co-locations scam at NSE (National Stock Exchange). The new change can trigger some rapid changes at Dalal Street.
A mathematics graduate from St Stephens and MBA from IIM Ahmedabad, Buch has a decorated career profile in investment banking with experience of being a whole-time member of SEBI from 2017 to 2021. Buch is known as a tough taskmaster with a knack for numbers. Sources reveal that the Modi government wanted to appoint her the new SEBI chief last February after Tyagi’s term ended, but pandemics delayed things.
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“She would come into meetings well-prepared with proposals strongly backed by data and numbers,” said a senior market participant, who worked with Buch in Sebi-appointed committees. “It was difficult to get away because of her strong understanding of the detailed workings of market infrastructure functions. She is also a quick learner.” A former SEBI member said that Buch strongly believes that “numbers tell the tale”.
Anil Singhvi, a corporate governance expert, and market watcher said, “I expect her to raise the prestige and reputation of SEBI, which has taken a huge toll in the last few years.”
As the new SEBI chief, Buch’s biggest challenge would possibly be dealing with multiple stakeholders, which includes government as well as other stakeholders to form a consensus on policy matters.
