The Ministry of Finance is seeking applicants for the top post at India's market regulator as the current chairperson's term draws to a close. In a newspaper advertisement on Monday, the Department of Economic Affairs said that the Union Government is inviting applications to fill up Madhabi Puri Buch's post at the Securities and Exchange Board of India. Buch's tenure is set to end by Feb. 28.
"The appointment shall be made for a maximum period of five years [...] or till attaining the age of 65 years for the appointee, whichever is earlier," the advertisement read.
SEBI Chair's Salary
The new chairperson will get a consolidated salary of Rs 5.63 lakh per month, as per the advertisement, which comes up to Rs 67.5 lakh per year.
In 2022, the government had announced the appointment of Buch as the chairperson for three years. Buch, at that time, was a whole-time member on the Sebi board. She became the first woman to head the capital markets regulator and also the first from the private sector to be at the helm.
Buch's predecessor, Ajay Tyagi, had his term extended for two years after the process of inviting applications was initiated in parallel. Similarly, UK Sinha, the chairman before Tyagi, received two extensions while the application process was invited during his tenure as well.
Selection Methodology
For the appointment of regulators, the candidates are shortlisted by the Financial Sector Regulatory Appointments Search Committee (FSRASC), headed by cabinet secretary.
The shortlisted candidates are called for the interview by a panel comprising of the Economic Affairs Secretary and three external members having domain knowledge.
Based on the inputs, the committee shares the name of potential candidates to the Appointment Committee of Cabinet headed by the Prime Minister for approval.
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