New SEBI Chief? Finance Ministry Opens Applications As Madhabi Buch's Term Ends Soon – Details

The Finance Ministry has announced the initiation of the selection process for the next chief of the Securities and Exchange Board of India ( SEBI ), as the current chief, Madhabi Puri Buch, nears the end of her term on February 28

Buch, who became SEBI's first female chief in March 2022, faced challenges during her tenure, including allegations of conflict of interest.

Controversies and Leadership Challenges
Madhabi Puri Buch's tenure at SEBI was marked by significant regulatory scrutiny, particularly during the Adani Group controversy. US short-seller Hindenburg Research accused the conglomerate of stock manipulation and improper tax practices, triggering investigations under Buch's leadership.

Despite allegations of conflict of interest due to her previous investments linked to the Adani Group, Buch maintained her compliance with disclosure norms.

Call for Applications and Tenure Details
The Finance Ministry's advertisement, published recently in a newspaper, invites qualified candidates to apply for the SEBI chief position by February 17.

The tenure for the new appointee will be five years or until reaching the age of 65, underscoring the ministry's commitment to ensuring leadership stability and regulatory integrity at SEBI.

In response to these developments, Nathan Anderson, founder of Hindenburg Research, announced the firm's dissolution earlier this month, signalling a pivotal moment amidst ongoing regulatory dialogues in India's financial sector.

(With Inputs From Reuters)