Government invites applications for new SEBI Chairman, current chairperson Buch to retire on Feb 27
The Ministry of Finance, Government of India has invited applications for the position of Chairman of the Securities and Exchange Board of India (SEBI). The appointment will be based in Mumbai, with a tenure of up to five years or until the appointee reaches the age of 65, whichever is earlier.
ANI
Jan 27, 2025 11:28 IST
Mumbai (Maharashtra) [India], January 27 (ANI): The Ministry of Finance, Government of India has invited applications for the position of Chairman of the Securities and Exchange Board of India (SEBI). The appointment will be based in Mumbai, with a tenure of up to five years or until the appointee reaches the age of 65, whichever is earlier.
The Ministry of Finance, through Department of Economic Affairs (Financial Markets Division), has advertised for the post, "Government of India invites applications from the eligible candidates for filling up the post of Chairman in Securities and Exchange Board of India (SEBI), Mumbai."
According to the ministry, the selected candidate will have the option to receive remuneration equivalent to the pay scale of a Secretary to the Government of India or a consolidated salary of Rs 5,62,500 per month. However, this consolidated salary does not include perks such as a government-provided house or vehicle.
Candidates interested in applying for the post can refer to the detailed notification on the Ministry of Finance's official website under the Department of Economic Affairs section. The deadline for submitting applications is February 17, 2025.
The current SEBI chairperson, Madhabi Puri Buch, assumed the office of SEBI on March 2, 2022, with her term set to conclude on February 28, 2025. Buch made history as the first woman to hold the position of SEBI chairperson. During her tenure, she was appointed for a three-year term.
SEBI, a critical institution responsible for maintaining the integrity and stability of India's financial markets, has seen significant developments during Buch's tenure. However, her term has also faced some controversy.
Allegations raised by the Indian National Congress include a conflict of interest linked to the Adani Group and financial opacity in her consulting ventures. Furthermore, Buch was accused of continuing to receive salary and Employee Stock Ownership Plans (ESOPs) from ICICI Bank during 2017-2024, which includes her tenure in SEBI. These allegations raised concerns over her impartial role as market regulator.
Buch however, gave clarifications and dismissed the allegations as baseless. (ANI)
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