The central government has appointed Tuhin Kanta Pandey as the new Chairperson of SEBI. The announcement was made following the completion of Madhabi Puri Buch’s three-year tenure. Buch, who took over as SEBI Chief on March 2, 2022, had her last working day on February 28 (Friday).
As per SEBI’s tradition, a farewell was supposed to be held for her on that day. However, this did not happen, and she had to leave without a formal farewell. The abrupt departure after three years in office suggests that she was not entirely prepared for this transition. When Madhabi Puri Buch assumed office on March 2, 2022, she likely did not anticipate that her final day at SEBI would unfold in this manner.
Meanwhile, India’s Finance Secretary, Tuhin Kanta Pandey, has been appointed the 11th chairperson of the capital market regulator, the Securities and Exchange Board of India (SEBI), for a three-year term.
Traditionally, SEBI has hosted farewell ceremonies for outgoing chairpersons, but Madhabi Puri Buch’s last day was marked by an unusual atmosphere. She did not even visit the office on her final working day. According to sources, her departure was met with a sense of relief among SEBI employees, reportedly due to long-standing dissatisfaction with her leadership.
One of the key reasons behind employees’ resentment towards Buch was her last-minute promotions of favored officials. In her final days in office, she promoted 15 General Managers (GMs) to Chief General Manager (CGM) level. Adding further, she elevated her Executive Assistant, Murugan, to the CGM position.
As per regulations, promotions should be open across all levels in a hierarchical order. However, Buch allegedly only promoted officers at the top two levels, bypassing those at lower levels, which fueled widespread discontent among employees.
The final year of Buch’s tenure was highly controversial. Recently, SEBI employees had even staged a protest outside the Mumbai office against what they described as “unfair work practices.” Furthermore, both Hindenburg Research and the Congress party had leveled multiple allegations against her. In August 2024, following allegations of conflict of interest from Hindenburg, she faced mounting pressure to resign. The firm accused Buch and her husband, Dhaval Buch, of investing in foreign institutions, raising concerns over potential conflicts.
A SEBI Chief can be appointed for a maximum of five years or until they reach 65 years of age, whichever comes first. The initial tenure is for three years, with a possible two-year extension. However, since Buch is only 60 years old, the government decided against extending her term.
When applications for the SEBI Chief position were invited until February 17, 2025, it became evident that the government was not considering an extension for her and intended to appoint a new candidate. In contrast, Buch’s predecessors, Ajay Tyagi and U.K. Sinha, had both received extensions during their tenure.
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