Govt looks for new Sebi chief, Puri Buch’s term ends in February

NEW DELHI: The finance ministry on Monday launched the search for a Sebi chairman, with Madhabi Puri Buch‘s term completing at Feb-end. The vacancy notice said that those with 25-years’ experience in law, finance, economics, accountancy and administration and are above 50 years are eligible to apply. “The chairman should be a person who does not, and will not have any such financial or other interests as are likely to affect prejudicially his functions as chairman,” it added
While Puri Buch, who has been embroiled in a controversy regarding the regulator’s probe against Adani Group, is not barred from seeking a fresh term, the vacancy notice opens the doors for others to apply as well. Ever since allegations of conflict of interest were made by short-seller Hindenburg, there has been speculation over Puri Buch’s continuation in the job, although she has denied all the charges.
The finance ministry has decided to give a term of up to five years, provided the candidate does not turn 65 before that, unlike recent appointments at Sebi, where the chairman given three years with a further extension made. G N Bajpai, M Damodaran, C B Bhave and Puri Buch have served for three years each.