Hunt For Next SEBI Chief Begins

While the government put out an advertisement for the top post on Monday, the names of Economic Affairs Secretary Ajay Seth, IRDA Chairperson Debashish Panda and former SBI MD Dinesh Khara began doing the rounds for the job, according to sources.

On Monday, the Finance Ministry invited applications from qualified candidates, with the next chief market regulator to get a five-year term instead of three.

"The appointment shall be made for a maximum period of five years from the date of assumption of charge, or till attaining the age of 65 years of the appointee, whichever is earlier," the advertisement read.

Buch's Controversies

According to Finance Ministry sources, a possible extension of her tenure was ruled out in the aftermath of the Hindenburg controversy. Notably, last December, the government appointed Revenue Secretary Sanjay Malhotra as the Governor of the Reserve Bank of India (RBI).  

“The government is careful taking in any private sector professional who has little experience in the bureaucratic space,” an official said, indicating that the next appointee may be from within the bureaucratic and banking circles.

The government could look at appointing a seasoned bureaucrat or someone with a strong background in financial services or the regulatory sector to lead SEBI. The last date for submission of applications is February 17.

Focus On New SEBI Chief

The new chairperson will play a crucial role in shaping India's financial regulatory framework and ensuring the stability of the country's capital markets, which have seen many highs in the recent past, particularly post-Covid.

SEBI's role will be crucial in the months ahead, as India Inc. will be looking at raising huge amounts of capital to build capacity in sectors that are expanding at a fast rate, such as defence, infrastructure, tech, services and exports.