Madhabi Puri Buch to hang boots as Sebi Chief after eventful 3-year tenure

Madhabi Puri Buch, India's first woman Sebi Chief, faced controversy and allegations, completing her tenure on February 28, 2025.

India's first woman Sebi Chief Madhabi Puri Buch, who faced conflict of interest allegations by the U.S.-based short-seller Hindenburg and also political heat thereafter, would complete her three-year tenure later on Friday (February 28, 2025) and will be succeeded by Finance Secretary Tuhin Kanta Pandey.

Before her appointment as Sebi chief, veteran investment banker who has also work with country's leading private sector lender ICICI Bank, joined Sebi's board as a whole-time member in April 2017 and was later elevated as a chairperson in March 2022.

She succeeded former IAS officer Ajay Tyagi, who held the top position for five years, from March 1, 2017, to February 28, 2022.

Ms. Buch's stint at Sebi Chief has been marked by both significant strides and notable challenges. Taking charge on March 2, 2022, Ms. Buch made history as the first woman to lead the market regulator, as well as the first private-sector individual to hold the position.

Although, Ms. Buch in her tenure made significant strides in areas like faster settlements in equities, enhanced FPI disclosures and increasing mutual fund penetration through ₹250 SIP, the last year of her tenure saw heightened controversy, when she battled a series of allegations by Hindenburg and the Congress party, while simultaneously dealing with in-house employee protests against "toxic work culture".

In August last year, Ms. Buch faced pressure to resign after the Hindenburg Research accused her of having conflict of interest that prevented a thorough examination of manipulation and fraud claims at the Adani Group.

Hindenburg accused Ms. Buch and her husband, Dhaval Buch, of investing in offshore entities that were allegedly part of a fund structure in which Vinod Adani -- the elder brother of Adani group founder chairman Gautam Adani -- also had investments.