Madhabi Puri Buch to hang up boots as SEBI chief after eventful 3-year tenure

India's first woman SEBI chief Madhabi Puri Buch, who faced conflict of interest allegations by the U.S.-based short-seller Hindenburg and also political heat thereafter, would complete her three-year tenure later on Friday (February 28, 2025) and will be succeeded by Finance Secretary Tuhin Kanta Pandey.

Before her appointment as SEBI chief, veteran investment banker who has also work with country's leading private sector lender ICICI Bank, joined Sebi's board as a whole-time member in April 2017 and was later elevated as a chairperson in March 2022.

She succeeded former IAS officer Ajay Tyagi, who held the top position for five years, from March 1, 2017, to February 28, 2022.

Ms. Buch's stint at Sebi Chief has been marked by both significant strides and notable challenges. Taking charge on March 2, 2022, Ms. Buch made history as the first woman to lead the market regulator, as well as the first private-sector individual to hold the position.

Although, Ms. Buch in her tenure made significant strides in areas like faster settlements in equities, enhanced FPI disclosures and increasing mutual fund penetration through ₹250 SIP, the last year of her tenure saw heightened controversy, when she battled a series of allegations by Hindenburg and the Congress party, while simultaneously dealing with in-house employee protests against "toxic work culture".

In August last year, Ms. Buch faced pressure to resign after the Hindenburg Research accused her of having conflict of interest that prevented a thorough examination of manipulation and fraud claims at the Adani Group.

Hindenburg accused Ms. Buch and her husband, Dhaval Buch, of investing in offshore entities that were allegedly part of a fund structure in which Vinod Adani -- the elder brother of Adani group founder chairman Gautam Adani -- also had investments.

Ms. Buchs had denied the allegation saying the investments were made before she joined the regulator and she had complied with all disclosure requirements.

Hindenburg earlier this month announced shutting down its business.

The government, on its part, did not publicly say if it had sought an explanation from Buch. She was summoned by Parliament's Public Accounts Committee (PAC) in October 2024 as part of its review of financial regulators. However, she skipped the meeting citing personal reasons.

Despite the controversy, Ms. Buch has built an extraordinary career spanning various top positions at leading companies, most notably at ICICI Bank, ICICI Securities, and ICICI Web Trade Ltd. Her tenure at these institutions played a significant role in shaping India's banking and financial services sector.

Born in 1966 and raised in Mumbai, Ms. Buch developed a deep interest in mathematics and finance, which laid the groundwork for her future career. She pursued an MBA from the prestigious Indian Institute of Management (IIM) Ahmedabad, further strengthening her academic foundation.

Ms. Buch's career in the financial sector began in 1989 when she joined ICICI Bank, where her skills and dedication quickly propelled her through the ranks, setting the stage for her remarkable journey in India's corporate world.

Over a span of 12 years at ICICI Bank, Ms. Buch served in several key roles such as Head of Marketing and Sales from 1997 to 2002, Head of Product Development from 2002 to 2003 and Head of Operations from 2004 to 2006.

In 2006, Ms. Buch was promoted to Executive Director at ICICI Bank, a position she held until 2009, during a transformative period for both the bank and the wider financial industry.

After leaving ICICI Bank, Ms. Buch's leadership journey continued with her appointment as the Chief Executive Officer of ICICI Securities in 2009. During her tenure, she led the firm with distinction until 2011.

Following her time at ICICI Securities, Ms. Buch broadened her career horizons with an international role as the Head of Business Development at Greater Pacific Capital in Singapore from 2011 to 2013.

She also served as a Non-Executive Director at Idea Cellular from 2011 to 2017, where her expertise guided the company through a rapidly evolving telecommunications landscape.

Ms. Buch's influence, however, extends beyond the corporate world. She has held non-executive director roles in several organizations, including Max Healthcare, Zensar Technologies, Innoven Capital, and Gabelhorn Investments.

Upon her return to India, Ms. Buch took on non-executive director positions in companies. Her broad and diverse experience led to her appointment as a Whole Time Member (WTM) of Sebi in 2017, where she managed important portfolios such as surveillance and mutual funds.

Her close collaboration with then-Sebi Chairperson Ajay Tyagi further solidified her influence within India's regulatory landscape.

A defining moment in Buch's life came during the harrowing 2008 Mumbai terror attacks. At the time, she was serving as the Executive Director at ICICI Bank and found herself among a group of corporate leaders trapped in a Mumbai hotel during the tragic event.

However, she along with her husband Dhaval Buch, who was then a director at Hindustan Unilever Ltd, came out unscathed from the terror attack.