New Delhi: Madhabi Puri Buch has been named the next chairman of India’s capital markets regulator, the Securities and Exchange Board of India (SEBI).
Butch is the first woman to head SEBI, and has been appointed for a three-year term. The former SEBI Whole Time Member (WTM) was earlier selected to oversee the new technology committee of the markets regulator.
“The Cabinet Appointments Committee has approved the appointment of Smt. Madhabi Puri Buch, former Whole Time Member, SEBI, to the post of Chairman, Securities and Exchange Board of India (SEBI), for a period of three years initially. to be adopted, or till further orders, whichever is earlier,” the government said in a notification on Monday.
Butch was not only the first woman to serve as WTM of SEBI, but also the first person in the private sector to work for the regulator. She started her career at ICICI Bank and rose through the ranks to become the Managing Director (MD) and CEO of ICICI Securities from February 2009 to May 2011.
Moreover, this will be the first time since 2002 that the government has appointed a non-IAS person to head SEBI. G N Bajpai, the former chairman of LIC, was appointed as the chairman of SEBI in April 2002. His term ended in February 2005.
Since then, all four SEBI directors – M Damodaran, CB Bhave, U K Sinha, and Ajay Tyagi – have come from the Indian Administrative Service (IAS) cadre.
Butch moved to Singapore in 2011 to work at Greater Pacific Capital LLP. She is the CEO and Founder of Agora Advisory Pvt Ltd. He also worked for three years at the New Development Bank in Shanghai.
The former ICICI banker graduated with a management degree from the Indian Institute of Management (IIM) in Ahmedabad.
Madhabi Puri took over as Ajay Tyagi, whose tenure as the chairman of SEBI ended today. The finance ministry invited applications for the post of chairman in October, with a deadline of December 6 for submission.