First woman chairman of SEBI

05 Mar 2022 First woman chairman of SEBI

First woman chairman of SEBI – Today Current Affairs

• Recently Madhabi Puri Buch has been appointed as the next new chairperson of Securities and Exchange Board of India (SEBI).

• This responsibility has been given to Madhabi by the Government of India for the next three years. She will replace former chairperson Ajay Tyagi, whose term ended on February 28.

• That part of the financial market from where long term capital is raised through shares, securities, bonds and mutual funds is called securities market.

• Securities market is also called security market in English. The stock market is a part of this security market. The Hindu Analysis.
  

• Many types of transactions are done in the securities market which include transactions like Badla, Reversible Badla, Futures trading and Insider trading. Although many of these transactions are also illegal, such as insider trading is considered illegal.

• The Securities and Exchange Board of India (SEBI) does the work of making laws and regulations for this securities market in India.

• It was established on 12 April 1992 under the SEBI Act 1992. Its headquarter is located in Mumbai and its regional offices are located in New Delhi, Kolkata, Chennai and Ahmedabad.

• Some names are recommended to the cabinet by the Financial Sector Regulatory Appointments Search Committee (FSRASC) for the appointment of the chairman of SEBI. This committee is headed by the Cabinet Secretary.

Today Current Affairs

• FSRASC was constituted as a “Standing Committee” based on the recommendation of the Financial Sector Legislative Reforms Commission. It was constituted to “recommend suitable persons for the chairmanship, whole-time members and part-time members of the financial sector regulators”.  It was formed with the objective of adopting a uniform selection process for all the regulators of the financial sector.

• Thus, the shortlisted candidates are interviewed by a panel of FSRASC consisting of the Secretary of Economic Affairs and three external members having knowledge of the securities market. The Hindu Analysis.
  

• Based on the interview, the FSRASC recommends the names to the Appointments Committee of the Cabinet, headed by the Prime Minister, on which the committee takes a final call on one of the names.

• It is worth noting that this high level panel also has the power to recommend such names who have not applied for the post advertised.

• This is the first time in the history of SEBI that a woman will be heading SEBI. Madhabi Puri Buch has over three decades of experience in the financial sector.

• Madhabi started her career with ICICI Bank in the year 1989, after which she was appointed as the executive director of the bank. Subsequently, he was made the CEO of ICICI Securities.

• In addition, Madhabi has been a consultant at New Development Bank in Shanghai and the head of the Singapore branch of private equity firm Greater Pacific Capital.

• Madhabi has been a whole time member of SEBI from 5th April 2017 to 4th October 2021. During this time he has handled portfolios like Monitoring, Collective Investment Schemes and Investment Management.

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