Madhabi Puri Buch has been named chairman of India’s Securities and Exchange Board of India (Sebi), the regulator in charge of the country’s $3.3 trillion stock market ecosystem. She succeeds Ajay Tyagi, whose term as head of the Sebi came to an end on Monday.
According to the government, her appointment was authorised by the Cabinet Appointments Committee, which is chaired by the Prime Minister, for a three-year initial term. Because Tuesday is a market holiday, she is most likely to take over on Wednesday (March 2).
She takes over as Sebi’s chief executive at a time when markets are unsettled due to the Russia-Ukraine crisis and sustained selling by international investors ahead of US Federal Reserve interest rate hikes. Sebi has also come under fire in recent weeks for its handling of the issue involving failures at the National Stock Exchange (NSE), which is now being investigated by the Central Bureau of Investigation and the Income-Tax Department.