Applications open for Sebi Chief's post

New Delhi: The government Monday sought applications for the position of chairperson at Sebi, indicating that incumbent Madhabi Puri Buch may not continue beyond her three-year tenure at the helm of the regulator that ends next month.

"The chairman shall hold office for such (a) period not exceeding five years and shall not hold office beyond 65 years of age, whichever is earlier, and will be eligible for reappointment," the finance ministry said in a circular, preceded by a newspaper advertisement inviting applications. The deadline to apply is February 17.

Buch's two immediate predecessors-Ajay Tyagi and UK Sinha-got extensions beyond their initial three-year terms. While Tyagi headed Sebi for five years, Sinha led it for six.


Buch was under pressure from opposition parties to resign after Hindenburg Research last year accused her of conflict of interest in Sebi's probe into the Adani Group.

Buch Rejected Allegations
The US short-seller claimed that Buch had stakes in offshore funds linked to the ports-to-power conglomerate.

Buch had rejected Hindenburg allegations as "malicious and motivated" and asserted that she had acted as per rules and also made all the required disclosures. In January 2023, the short-seller had accused the Adani Group of fraud and stock price manipulations. The allegations, denied by the conglomerate, later led to the Sebi probe.

Hindenburg Research this month announced that it was shutting down operations, just days before Donald Trump's inauguration as the US President.

The next Sebi chief will have an option to receive pay akin to a secretary to the Union government, or a consolidated salary of Rs 5,62,500 per month without a house or car, as per the circular.

"The chairman should be a person who does not, and will not, have any such financial or other interests as are likely to affect prejudicially his functions as the chairman," the Department of Economic Affairs said in the circular. It is desirable that "persons with high integrity, eminence and reputation", preferably above 50 years of age and with more than 25 years of professional experience, apply, it said.

These latest criteria remain identical to those in a circular in 2021 when the government last sought applications for the Sebi chief's post.

The appointment will be made on the recommendation of the Financial Sector Regulatory Appointments Search Committee, as per the latest circular. This panel is also free to identify and recommend anybody, who has not applied for the post, on the basis of merit.

Buch is the first woman to helm Sebi, and also the first from the private sector. She had served as a whole-time member of the regulator between 2017 and 2022 before her elevation to the top job.