As the controversial chairperson of SEBI, Madhabi Puri Buch's three-year tenure comes to an end on Tuesday, the government has advertised to hire a new head for India's stock market regulator.
Earlier, before a controversy over her husband's business links with the Adani group erupted, it had been expected that the Modi Government would extend her term for another three years.
Madhabi Puch's SEBI leadership faced fierce criticism after a report by the now-defunct short-seller Hindenburg Research. The report accused SEBI of failing to properly investigate allegations of stock manipulation against the Adani Group. It suggested that SEBI might have had conflicts of interest in handling the case. These claims put Buch under pressure and raised questions about SEBI's role in market regulation. The Congress had consistently called for her dismissal; however, the Modi government allowed her to run her full course.
The Ministry of Finance's Department of Economic Affairs has put out a newspaper advertisement calling for applications to fill the post of chairperson at the Securities and Exchange Board of India (SEBI). The ad invites eligible candidates to apply for the position. Potential candidates have until 17 February to apply. Buch took office in March 2022, making history as the first woman to head the market regulator.
The appointment will be for a maximum of five years or until the selected individual reaches the age of 65, whichever comes earlier. As for remuneration, the incoming chairperson will have the option to choose between a salary equivalent to that of a Secretary to the Government of India or a consolidated monthly pay of ₹5,62,500, without additional perks such as official housing or a car.
(By arrangement with livemint.com)
