Ms Madhabi Puri Buch has been appointed as the new chairperson of market regulator SEBI.
- She is the first woman chairperson of the Securities and Exchange Board of India (SEBI).
- Ms Puri is the former head of ICICI Securities, also served in SEBI as a Whole Time Member.
- She replaced Ajay Tyagi as his term ended on February 28.
How SEBI Chairman is appointed?
- Appointments Committee of Cabinet, headed by the Prime Minister, has approved Ms. Buch’s appointment for an initial period of three years.
- As per the procedure for the appointment of regulators, the candidates are shortlisted by the Financial Sector Regulatory Appointments Search Committee (FSRASC) headed by the Cabinet Secretary.
- They are interviewed by the panel comprising Economic Affairs Secretary and three external members having domain knowledge and their recommendation is set to the Appointments Committee of Cabinet headed by the Prime Minister.
- As per the SEBI Act, the SEBI chairman is appointed for a maximum period of five years or till 65 years, whichever is earlier.
About SEBI
- The Securities and Exchange Board of India was constituted as a non-statutory body on April 12, 1988 through a resolution of the Government of India.
- The Securities and Exchange Board of India was established as a statutory body in the year 1992 and the provisions of the Securities and Exchange Board of India Act, 1992 (15 of 1992) came into force on January 30, 1992.
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