'The only girl who pulled out of placement': What IIM-A's 1988 batch said about Sebi chief

Madhabi Puri Buch, chairperson of Sebi, was the chief guest at the 59th convocation of IIM-Ahmedabad

"The only girl who’s pulled out of placement. We hope she finds just the job she is looking for, good luck, Mad!"

This is the description in the 1988 batch of Indian Institute of Management, Ahmedabad student yearbook about Sebi chief Madhabi Puri Buch. She was the chief guest at the 59th Convocation of the premier B-school on March 30.

She chose her own path at a time when it was, perhaps, not one of the easiest career choices. But it has paid high dividend as Buch made history recently by becoming the first woman chairperson of the Securities & Exchange Board of India (Sebi).

After graduating from the top B-school, Buch started her career as a social worker for Professional Assistance for Development Action (PRADAN) for Grass Root Cooperatives from 1988 to 1989. Later, between 1989 and 1992, Buch became a finance analyst at ICICI Bank followed by a role as a lecturer at West Cheshire College in the United Kingdom. Between 1997 and 2009, she served at various position at ICICI Bank before getting appointed as the chief executive officer of ICICI Securities from 2009 to 2011.

She has also lead the Singapore office of the private equity firm Greater Pacific Capital from 2011 to 2013, and in 2016, Buch was a consultant to the New Development Bank (NDB) in Shanghai. She has also been on the boards of various companies as the non-executive director.

She was the whole-time member of Sebi between 2017 and 2021 before getting appointed as the chairperson of the capital markets regulator in 2022.

This month's #IIMAArchives spotlight celebrates Ms Madhabi Puri Buch, a 1988 IIMA alumna who rewrote the rules. Choosing her own path over placement, she made history as SEBI's first female chairperson.
Read more: https://t.co/5mIsvUD41a#IIMAMonthlySnippet #IIMAAlumni pic.twitter.com/4JHmEgk3uH

— IIM Ahmedabad (@IIMAhmedabad) March 31, 2024

Recalling her time at the institute, the Sebi chief said she felt like locked in a pressure cooker for two years with intense pressure, growing panic and a frantic race against deadlines.

The brief respite she found once in a while, she said, was like the whistling of the pressure cooker to release some pressure only to create room for fresh pressure to build up.

However, looking back, the life at the institute taught Buch valuable lessons, she said.

"But in the hindsight, how to deal with being inside a pressure cooker was perhaps one of the most valuable learnings I took away from the Indian Institute of Management, Ahmedabad."

During her convocation speech, Buch also said this is “an extraordinary time to be both 25 years old and 60 years old”.

"My generation was very fortunate... We participated in the dawn of a new India. Your generation, in my view, is even more fortunate... You are on the way to seeing the high noon of a new India... And, all the amazing opportunities that it offers," she said.

Interestingly, during Buch’s convocation in 1988, the father of India’s White Revolution Verghese Kurien was the chief guest and he famously called management schools as "training schools for shampoo salesmen" and recommended students “a life of care, integrity and service”.

During the same event, Dr Kamla Chowdhry, one of the pioneering female management educators in the world was honored with an honorary doctorate.