New Delhi: India’s finance ministry has issued a call for applications to appoint a new chief for the Securities and Exchange Board of India (SEBI), the country’s markets regulator. The advertisement, published on Monday, comes as the current SEBI head, Madhabi Puri Buch, prepares to step down on February 28, 2025, after completing a three-year term that began in March 2022.
Buch, who made history as SEBI’s first female chief, faced mounting pressure to resign in 2023 amid a controversy involving the Adani Group. Allegations of a conflict of interest were raised after a short-seller, Hindenburg Research, accused the Adani Group of stock manipulation and improper use of tax havens. These allegations suggested that Buch had connections with an offshore fund used by the Adani Group prior to her appointment at SEBI. Buch has consistently denied the conflict of interest claims, asserting that her investments were made before her tenure at SEBI and that she fully adhered to all disclosure guidelines.
Despite these controversies, Buch led SEBI during critical regulatory investigations, including the high-profile probe into the Adani Group’s financial activities. The Adani Group, headed by billionaire Gautam Adani, has firmly denied the accusations leveled by Hindenburg Research.
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In its latest advertisement, the finance ministry has outlined that applicants for the position must submit their applications by February 17, 2025. The tenure for the new appointee will be five years, or until the age of 65, whichever comes first.
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Hindenburg Research’s founder Nathan Anderson revealed earlier this month that he would dissolve the firm, further concluding the ongoing tensions surrounding the Adani case.
