On March 1, 2022, Puri Buch made history as the inaugural female chair of the Securities and Exchange Board of India (SEBI), after she assumed the role from Ajay Tyagi, concluding his five-year term. Distinguished as the youngest SEBI chief and the first individual from the private sector to lead this regulatory body, Puri Buch brings a wealth of experience to her new position. In the ever-evolving landscape of India's financial markets, she is reshaping the narrative as SEBI’s first female Chairperson.
(Photo Courtesy: Vijay Bate/HT Photo)
Supervising SEBI
As the head of SEBI, Madhabi Puri Buch oversees crucial departments responsible for regulation, supervision, and surveillance. Additionally, she leads economic and policy analysis, investor assistance and education, and information technology departments. Her responsibilities extend to direct supervision of the National Institute of Securities Markets (NISM). Puri Buch, the Founder-Director of Agora Advisory Pvt Ltd, a consulting and incubation firm, also served as a consultant for the New Development Bank in Shanghai and held the position of Managing Director and CEO at ICICI Securities.
A Remarkable Journey
With an impressive three-decade career in financial markets, Puri Buch began her journey in 1989 at ICICI Bank, where she served as an investment banker. She navigated diverse roles, from investment banker to leading a prominent broking outfit. Her leadership extended to a senior position in a private equity major, and she played a pivotal role in the New Development Bank established by the BRICS bloc.
Her educational background includes an MBA from the Indian Institute of Management (IIM) Ahmedabad and a graduate degree in Mathematics from St Stephen's College, New Delhi.
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Engagement Beyond SEBI
In addition to her corporate roles, Puri Buch has actively contributed to societal initiatives, establishing a foundation engaged in projects with grassroots NGOs. As a non-executive director on various company boards, she has played a vital role in shaping organisational strategies.
According to the Economic Times, in July 2023 at IIM Ahmedabad, Puri Buch shared this advice with incoming students.. ‘Be like a potato—down-to-earth, without ego, and absorb the essence of your surroundings. As you embark on your journey, envision yourself as a potato.’.
Notably, Puri Buch's tenure as the Whole-Time Member (WTM) of SEBI, spanning from April 05, 2017, to October 04, 2021, allowed her to handle critical portfolios, including surveillance, mutual funds, and collective investment schemes. Her growth to the position of SEBI Chairperson has brought about a cultural shift within the organisation. She brought a corporate sensibility to the regulatory body, encouraging active engagement between SEBI staff and industry participants, aiming to formulate policies.
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Under her guidance, SEBI developed in-house algorithms to detect and prevent insider trading and front running, positioning technology as a ‘magic bullet’ with multifaceted applications in compliance, cost reduction, and market controls.
Puri Buch's initiatives include a comprehensive review and upgrade of outdated laws.
Legacy In The Making
Undoubtedly, Puri Buch's commitment to leveraging data and technology will guide the regulatory body in addressing these concerns, further solidifying her legacy as a transformative leader at SEBI.
Her pioneering leadership underscores the importance of diversity in traditionally male-dominated sectors.
In the years to come, Madhabi Puri Buch's journey is likely to continue shaping the trajectory of India's financial markets, leaving a mark on the regulatory landscape.
(Photo Courtesy: Reuters)