Madhabi Puri Buch: A tireless reformer who may face short-term flak but will be thanked later

Charting the firsts associated with Madhabi Puri Buch, the outgoing chairperson of the Securities and Exchange Board of India (SEBI), is tough but a short listing includes being the first woman to head the regulatory body, the first from the private sector and first with core, hands-on experience of the capital market. But what also distinguished her during her short term was the energy, style and zeal she brought to the job.

Buch surprised many when in seminars, rather than standing at the lectern and reading from a carefully worded text, she moved centre stage and made PowerPoint presentations to drive her point. Data is her oxygen, everything has to be supported by data. And there were no suppressed yawns, as the audience was held in rapt attention.

When one met her in her office, talked to her, listened to her agenda, it was clear that she wanted to achieve in her three-year tenure what would in normal course take more than a decade. Thankfully the team at SEBI also responded and matched her pace, notwithstanding a few murmurs about work-life balance.

She maintained and in fact enhanced transparency in the rules-making process. Constituting the Industry Standards Forums (ISF) on almost all aspects of SEBI’s law-making exercise allowed stakeholders to participate in an open and fearless manner. Buch, recognising the importance of data, cybersecurity and other new developments, ensured that standing committees on such matters were constituted.