India seeks applications for Sebi chairperson as Buch’s tenure nears end

The government has initiated the process to appoint a new chairperson for the Securities and Exchange Board of India (Sebi), with the window to send in applications open until 17 February.

The move comes ahead of the retirement of current chief Madhabi Puri Buch, whose three-year term concludes on 28 February.

The selected candidate will serve a maximum tenure of five years, or until the age of 65, whichever is earlier, a ministry of finance advertisements in The Indian Express and The Economic Times newspapers said.

The role offers two salary options: remuneration equivalent to a secretary to the government of India or a consolidated monthly salary of ₹5,62,500 (without housing or vehicle allowances).

Applicants must have more than 25 years of professional experience in finance, law, economics, or securities markets, along with a reputation for “high integrity” and preferably be above 50 years of age.

Buch, the first woman to lead Sebi, assumed office on 2 March 2022, following her five-year stint as a whole-time member of the regulatory body.

Buch’s tenure saw key reforms but was also marred by controversies, including the scrutiny over the market regulator’s handling of the Adani Group allegations raised by Hindenburg Research and internal complaints about workplace culture.

The Financial Sector Regulatory Appointments Search Committee (FSRASC) will recommend candidates, including those who may not have formally applied.

Historically, Sebi chiefs have seen extended tenures, such as U.K. Sinha’s six-year term (2011–17) and Ajay Tyagi’s five-year stint (2017–22).

The outcome of the selection process is likely by late next month.