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Govt advertises for new Sebi chief, offers Rs 5.62 lakh salary, 5-year tenure
According to the advertisement, the next Sebi chief tenure will be five years from the date of assumption of charge or till attaining the age of 65 years of the appointee
With more money pouring into sophisticated investment avenues and growing interest in PMS offerings from high-net-worth individuals, SEBI’s latest move is seen as a bid to prevent marketing puffery from distorting investor expectations.
The Union Government has taken the advertisement route to hunt for a new chief of the Securities and Exchange Board of India as the incumbent head's tenure is set to end on 28 February.
In a newspaper advertisement, the Ministry of Finance has invited applications for the eligible Sebi chief.
According to the advertisement, the next Sebi chief tenure will be five years from the date of assumption of charge or till attaining the age of 65 years of the appointee. One can apply for the Sebi chairman post on or before February 17, 2025.
'Remuneration'
According to the advertisement, the new Sebi chairman will have an option to receive a pay-a) as admissible to a Secretary to the Govt of India and b) or a consolidated salary of Rs 5,62,500 lakh per month (without house and car).
About Madhabi Puri Buch
Madhabi Puri Buch, a former banker was appointed as the chairperson of India's stock market regulating body in 2023. Buch became the first-ever woman to head the capital markets regulator. She was appointed for a year's term.
During her three-year term, Buch was embroiled in several controversies, specifically involving Adani Group chairman Gautam Adani. She was accused of having a conflict of interest in the probe against the Adani Group over the Hindenburg report scandal. Besides, dozens of Sebi staff alleged that she was fostering a toxic work environment. Although no legal case has been made against her.
The outgoing Sebi chief is an alumna of the Indian Institute of Management (IIM) in Ahmedabad. She graduated from India's top business school in 1988, and joined ICICI Bank in 1989 but after three months she moved to the UK as a lecturer. In 2006 she joined ICICI Securities and eventually rose to become the company’s chief executive.
Buch became a full-time director of Sebi in 2017. In May 2021, she passed an order against two people for sharing unpublished price-sensitive information about energy company Deep Industries on social media.
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