The Ministry of Finance has announced the opening of applications for the position of Chairperson at the Securities and Exchange Board of India (SEBI), with the submission deadline set for 17 February. The tenure of the incumbent chairperson, Madhabi Puri Buch, concludes on 28 February.
The Department of Economic Affairs (Financial Markets Division) has detailed in its notice that the appointment will be for a maximum of five years or until the appointee reaches the age of 65, whichever comes earlier. The selected chairperson can choose a monthly salary of ₹5,62,500 without house and car allowances or opt for pay equivalent to a Government of India Secretary.
Madhabi Puri Buch, who made history as the first woman and first private-sector professional to lead SEBI, assumed office on 2 March 2022 for a three-year term. Before this, she served as a full-time member at SEBI from April 2017 to March 2022. Notably, while the typical tenure for the Sebi chairperson is three years, predecessors such as UK Sinha and Ajay Tyagi had extended terms of six and five years, respectively.
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Buch’s tenure included significant challenges, such as allegations raised by US-based short-seller Hindenburg and the Congress party regarding investments in offshore funds linked to the Adani Group. Internally, she also faced allegations of fostering a toxic work culture among Sebi employees, although the matter was resolved subsequently.
The Ministry’s advertisement notifies that the detailed application format is accessible on the Department of Economic Affairs’ website.