New Delhi, Feb 28 – Madhabi Puri Buch, India's first woman chief of the Securities and Exchange Board of India (SEBI), is set to complete her three-year tenure later today. She will be succeeded by Finance Secretary Tuhin Kanta Pandey, marking a significant transition at the helm of the market regulator.
Buch, a veteran investment banker with a rich corporate background, joined SEBI’s board as a Whole-Time Member in April 2017 before being appointed as Chairperson in March 2022. She succeeded Ajay Tyagi, a former IAS officer, who served as SEBI chief from March 2017 to February 2022. Buch made history as the first woman and the first private-sector professional to lead SEBI.
A Tenure Marked by Reforms and Controversy
During her tenure, Buch spearheaded key reforms, including accelerating settlement processes in equities, enhancing foreign portfolio investor (FPI) disclosures, and boosting mutual fund penetration through ₹250 Systematic Investment Plans (SIPs). However, her final year in office was mired in controversy, following allegations from US-based short-seller Hindenburg Research and subsequent political scrutiny.In August 2023, Buch faced calls to resign after Hindenburg accused her of a conflict of interest, alleging that she and her husband, Dhaval Buch, had investments in offshore entities linked to Vinod Adani, the elder brother of Adani Group founder Gautam Adani. She denied these allegations, clarifying that the investments were made before her regulatory role and that she had adhered to all disclosure norms.
The government remained largely silent on the controversy and did not publicly seek an explanation from Buch. However, she was summoned by Parliament’s Public Accounts Committee (PAC) in October 2024 for a review of financial regulators. She did not attend the meeting, citing personal reasons.
Notably, earlier this month, Hindenburg Research announced the closure of its operations.
A Stellar Corporate Career
Despite the turbulence in her tenure, Buch’s career spans multiple leadership roles across banking, securities, and investment firms. Born in 1966 and raised in Mumbai, she pursued an MBA from the prestigious Indian Institute of Management (IIM) Ahmedabad, laying a strong foundation for her journey in the financial sector.Buch started her career in 1989 at ICICI Bank, where she quickly rose through the ranks. Between 1997 and 2006, she held key roles, including Head of Marketing and Sales, Head of Product Development, and Head of Operations. In 2006, she was promoted to Executive Director at ICICI Bank, a position she held until 2009.
Post-ICICI, Buch took on the role of CEO at ICICI Securities (2009-2011), before moving to Singapore as Head of Business Development at Greater Pacific Capital (2011-2013). She also served as a Non-Executive Director at Idea Cellular from 2011 to 2017, guiding the company during a crucial phase of the telecommunications industry.
Upon returning to India, she took on various non-executive director roles at Max Healthcare, Zensar Technologies, Innoven Capital, and Gabelhorn Investments before being appointed as a Whole-Time Member of SEBI in 2017. She played a critical role in regulatory oversight, particularly in surveillance and mutual funds.
Surviving the 2008 Mumbai Attacks
One of the most defining moments in Buch’s life was her survival of the 2008 Mumbai terror attacks. At the time, she and her husband, then a director at Hindustan Unilever, were among several corporate leaders trapped in a luxury hotel targeted by terrorists. They both emerged unscathed from the harrowing ordeal.As she exits SEBI, Buch leaves behind a legacy of market reforms and resilience in the face of controversy. Her successor, Tuhin Kanta Pandey, steps into a role that remains crucial in shaping India's financial markets amid evolving global and domestic challenges.
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