New SEBI chief soon, Buch retires today

Madhabi Puri Buch, the first person from the private sector to take the position of SEBI chief, and the first woman to chair the market regulator, will retire as the chairperson of SEBI on March 1. All eyes are on the decision of the government as the new chairman is expected to assume duties by early March or before March-end. The government appoints the SEBI chairperson on the recommendation of the Financial Sector Regulatory Appointments Search Committee. 

First, the committee has submitted the names of five candidates to the government early this week, and further short-listed four from the first list. The short-listed candidates in the first list, according to sources, were: Tuhin Kanta Pandey, secretary, department of investment and public asset management; Ajay Seth, secretary, department of economic affairs; and Pankaj Jain, secretary, Ministry of Petroleum and Natural Gas; and Kamlesh Chandra Varshney and Ashwani Bhatia, whole-time members of SEBI.

The committee, according to sources close to the government, was free to recommend any other person who has not applied for the post on the basis of merit.

The Ministry of Finance had invited applications for the post from Jan 27, 2025. The last day for submission of applications was February 17. Buch took charge of the SEBI board on March 1, 2022. She had earlier served as the whole-time member of SBI from April 2017 to October 2021.