₹5.6L salary, 5-year tenure: Applications for next SEBI Chief open
What's the story
The Indian government has started the process to appoint a new Chairperson for the Securities and Exchange Board of India (SEBI).
This comes as Madhabi Puri Buch's three-year term, which commenced on March 2, 2022, is due to end on February 28.
The Ministry of Finance has given a deadline of February 17 for candidates to apply for the position.
Specifics
Details of the position
The Department of Economic Affairs (Financial Markets Division) has clarified that the new appointee will have a tenure of maximum five years from the date of assumption of charge or till 65 years of age, whichever is earlier.
The pay for the position is either equivalent to that of a Secretary to the Government of India or a consolidated monthly pay of ₹5,62,500 without housing and car facilities.
Tenure overview
Buch's journey and challenges as SEBI Chief
Before taking over as SEBI Chairperson, Buch was a full-time member at the organization for five years from April 2017 to March 2022.
Her tenure was marred by several allegations, including those pertaining to her investments in offshore funds linked to the Adani Group and conduct code violations.
Some SEBI employees had also accused her of creating a 'toxic work environment,' which has now been resolved.
History
Previous SEBI Chairpersons and their tenures
Normally, a SEBI Chief's term is three years long. But there have been exceptions such as UK Sinha and Ajay Tyagi who served six and five years respectively.
Sinha was in office between February 18, 2011 to March 1, 2017, while Tyagi served between March 1, 2017, to February 28, 2022.
To note, Buch made history as the first woman to hold the position of SEBI Chief.