Mumbai: The government on Tuesday announced Madhabi Puri Buch as new whole time member of Securities and Exchange Board of India (Sebi). This appointment also marks a departure from the regular practise of hiring Sebi board members, who typically were men coming from the public sector.
This is the first time that a women and a person from private sector has been chosen for a key post with the market regulator.
Buch, who is currently serving at the New Development Bank in Shanghai has been appointed for a period of three years, the department of personnel and training (DoPT) said in a notification. She has been appointed at a salary of Rs375,000 per month.
While, under the corporate governance standards issued in 2015, Sebi had mandated one women to be a part of the board of a listed company, the same did not happen at the board of the regulator. Till now, the highest post occupied by women at the market regulator was the position of executive director.
“Sebi or its board does not appoint its own board members, the board members of Sebi are appointed by the government,” former Sebi chairman, U.K. Sinha had said in an industry event in October.
“But we have already taken up with the government that we must have at least one woman member on Sebi board although there is no such legal requirement. The Sebi Act does not prescribe it but as a good measure we have asked the government to do it,” he added.
So far, members and chairman at Sebi were mainly appointed from public sector, the Reserve Bank of India (RBI) and Indian Administrative Services (IAS).
Buch, a management graduate from Indian Institute of Management (IIM), Ahmedabad in a career spanning over 20 years has served at various roles in private banks. She started her career with ICICI Bank and went on to become the managing director and chief executive officer at ICICI Securities Ltd from February 2009 to May 2011.
In 2011, she left for Singapore were she joined Greater Pacific Capital LLP. Buch is also founder-director of Agora Advisory Pvt Ltd.