SEBI New Chief: The term of the current SEBI Chief Madhavi Puri Buch is ending on 28 February. The government will appoint the SEBI chairman on the recommendation of the Financial Sector Regulatory Appointment Search Committee (FSRASC). The committee is also free to recommend any other person on the basis of merit who has not applied for the post. Let’s know the full details.
SEBI New Chief: The term of Madhabi Puri Buch, chairperson of market regulator SEBI, is about to end. The government has invited applications for a new chairperson in her place. The three-year term of the current chairperson Buch is ending on 28 February. Buch took charge on 2 March 2022.
The Department of Economic Affairs under the Ministry of Finance has invited applications from candidates by February 17 in a public advertisement. The ministry said, “The appointment will be made for a maximum period of 5 years from the date of assuming charge or till the appointed person attains the age of 65 years, whichever is earlier.” How much will be the salary
According to the government advertisement, the SEBI chairperson will get a salary equal to that of the Secretary of the Government of India. It is currently Rs 5,62,500 per month. This does not include the facility of house and car. The Finance Ministry also says that the role of SEBI as a regulator is very important. In such a situation, the candidate applying for the chairperson will have to meet some standards.
According to the advertisement, ‘The candidate should be a person of integrity and reputation. He should be more than 25 years of age and less than 50 years. The candidate should have demonstrated ability in dealing with problems related to securities market, or special knowledge or experience in law, finance, economics, accountancy, which in the opinion of the central government will be useful for the board.’
There should be no conflict of interest
The advertisement also says, “The SEBI chairperson should be a person who does not have and will not have any financial or other interests that can negatively affect his functioning as chairperson.” The government will appoint the SEBI chairman on the recommendation of the Financial Sector Regulatory Appointment Search Committee (FSRASC). The committee is also free to recommend any other person on the basis of merit, who has not applied for the post.
How was Madhavi Puri Buch’s tenure
Madhavi Puri Buch’s tenure as SEBI chief was full of controversies. American short seller Hindenburg Research had accused her that Madhavi Puri Buch and her husband Dhawal Buch had a stake in the foreign fund of Adani Group. There was also an allegation of collusion between Adani Group and SEBI.
However, the SEBI chief and her husband rejected the allegations. As SEBI chief, Madhavi Puri Buch tightened the rules to prevent the participation of retail investors in Futures and Options (F&O). This was also said to be a decision that would have a negative impact on the cash flow of the market.
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