Finance Ministry begins search for next SEBI chief: Report
The Indian Finance Ministry has begun the search for a possible successor to Madhabi Puri Buch, the Chairperson of the Securities and Exchange Board of India (SEBI). This was revealed by people familiar with the matter to Moneycontrol, who said the search started about one to two weeks ago. The formal process of inviting applications is likely to begin in a few weeks.
Buch's tenure as SEBI Chairperson
Buch assumed office as the SEBI Chairperson on March 2, 2022, for a three-year term ending on February 28, 2025. Prior to her current position, she was a full-time member at SEBI for five years from April 2017 to March 2022. While the search for her successor is on, some sources say an extension of Buch's tenure shouldn't be ruled out.
No premature termination
Meanwhile, the sources have quashed any rumors of Buch's premature exit as SEBI chief. One of them said, "She is likely to stay in office until her term comes to a close." However, both the Finance Ministry and SEBI are yet to respond to requests for comments on the matter.
Allegations against Buch
Buch is facing several allegations, including from short-seller Hindenburg and the Congress party, in relation to her investments in offshore funds linked to the Adani Group as well as code of conduct violations. Also, certain SEBI employees had accused her of formenting a 'toxic work environment.' However, that issue has been resolved now.
