First woman chairperson of SEBI appointed

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• Madhabi Puri Buch has become the first woman Chairperson of the market regulator SEBI (Securities and Exchange Board of India).  

• She will also be the first person from the private sector and the youngest SEBI Chairperson so far.

• She will replace Ajay Tyagi, a 1984 batch IAS officer of the Himachal Pradesh cadre.

• SEBI chairman is appointed for a maximum period of five years or till 65 years, whichever is earlier.

• Candidates are shortlisted by Financial Sector Regulatory Appointments Search Committee (FSRASC), which is headed by Cabinet Secretary.

• FSRASC was set up to “recommend suitable persons for Chairperson, Whole Time members, and Part-Time Members of the financial sector regulators.”

• It was set up with the objective of adopting a uniform selection process for all financial sector regulators.

About SEBI

• The Securities and Exchange Board of India is the regulatory body for the securities and the commodity market in India.

• It is under the ownership of the Ministry of Finance and was established on April 12, 1988.

• SEBI was given the Statutory Powers on January 30, 1992, through SEBI Act, 1992.