Quest for SEBI's Next Leader Amid Controversies

The government has begun the search for the successor to SEBI chief Madhabi Puri Buch, who has been embroiled in a conflict-of-interest controversy. Buch's term ends in February 2023. The criteria for the new appointee include high integrity and significant experience. Buch, the first woman leading SEBI, faced multiple controversies, including allegations linked to Adani Group investments.

The government has initiated the process to appoint a successor for Madhabi Puri Buch, the current SEBI chief wrapped in controversy over a conflict of interest. Buch's three-year term ends in February 2023, and the Department of Economic Affairs has announced the search for a leader with 'high integrity' and experience in securities markets.

This comes following a tumultuous tenure for Buch, marked by enhanced mutual fund penetration and faster equity settlements, as well as allegations of a conflict of interest involving investments in the Adani Group. The controversy escalated with pressure for her resignation by short-seller Hindenburg Research.

The new SEBI leader, to be appointed by the FSRASC, will have a five-year term earning Rs 5,62,500 monthly. The selected candidate is expected to be above 50 with a minimum of 25 years of professional experience.

(With inputs from agencies.)