Next Sebi chairperson likely to be a bureaucrat: Report

Sebi's current chief Madhabi Puri Buch’s three-year tenure comes to an end this month.

The next chairman of the Securities and Exchange Board of India (Sebi) is likely to be a seasoned bureaucrat after current chief Madhabi Puri Buch’s three-year tenure comes to an end this month, a report by Mint said on February 21.

The top candidates for the post currently are economic affairs secretary Ajay Seth, Sebi whole-time member Ashwani Bhatia and deputy comptroller and auditor general Anand Mohan Bajaj, the newspaper said citing sources. The report further said that two more persons, whose identity could not be ascertained, were also in the race.

The Financial Sector Regulatory Appointments Search Committee (FSRASC), which is led by the cabinet secretary, will recommend names to the appointments committee of the Union Cabinet, which will take the final call.

Buch was the first chairman in the 36-year history of the regulatory body who had primarily worked in the private sector.

The Sebi chief’s tenure saw her fight criticisms from both inside and outside the organization. Buch, who is an IIM-Ahmedabad graduate and the youngest ever chairperson of the regulator, was accused for conflict of interest and financial impropriety. Her employees had also accused her of creating a toxic work environment, leading to protests.