Madhabi Puri
Table of Contents
Madhabi Puri Buch’s tenure as Chairperson of the Securities and Exchange Board of India (SEBI) from March 2022 to February 2025 was marked by significant regulatory reforms and notable controversies. As the first woman and private-sector professional to lead SEBI, her leadership was both groundbreaking and contentious.
Regulatory Reforms and Initiatives
During her three-year tenure, Buch implemented several key reforms aimed at enhancing the integrity and transparency of India’s financial markets:
- Stricter Derivatives Market Regulations: Buch introduced more stringent rules for India’s derivatives markets, aiming to curb excessive speculation and improve market stability.
- Advocacy for Safer Investment Options: She promoted safer investment avenues for retail investors, emphasizing the need for products that balance risk and return.
- Enhanced Corporate and Fund House Disclosures: Buch enforced stricter disclosure norms for corporations and fund houses, ensuring greater transparency and accountability in financial reporting.
Controversies and Challenges
Despite these initiatives, Buch’s tenure was marred by several controversies:
- Allegations of Conflict of Interest: In August 2024, Hindenburg Research accused Buch and her husband of having stakes in offshore entities that invested in India, allegedly used by the Adani Group to inflate stock prices. Both Buch and the Adani Group denied these allegations. citeturn0news10
- Opposition and Employee Protests: The opposition party and SEBI employees raised concerns about her leadership. In September 2024, around 1,000 SEBI staff members staged a rare protest demanding her resignation, citing a toxic work culture and unprofessional practices. citeturn0search8
- Allegations of Unprofessional Work Culture: In September 2024, SEBI employees staged a protest demanding the withdrawal of a statement blaming “external forces” for their grievances and seeking the resignation of their boss. citeturn0search8
Transition and Succession
As her term concluded in February 2025, the Indian government appointed Finance Secretary Tuhin Kanta Pandey as the new SEBI Chairperson for a three-year term, effective March 1, 2025. This transition marks the end of Buch’s pioneering leadership at SEBI. citeturn0news10
Conclusion
Madhabi Puri Buch’s tenure at SEBI was characterized by significant regulatory advancements and substantial challenges. Her leadership left a lasting impact on India’s financial regulatory landscape, setting the stage for future developments in market governance.
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