Race for next Sebi chief hots up again as Tyagi tenure ends next month

Topics Sebi | Ajay Tyagi

IBBI chief Madhusudan Sahoo (in pic) and Sebi whole-time member Madhabi Puri Buch are believed to be the top contenders to succeed Ajay Tyagi.
The race to head the Securities and Exchange Board of India (Sebi) is hotting up once again as Chairman Ajay Tyagi’s tenure ends next month. 

The Insolvency and Bankruptcy Board of India’s (IBBI’s) chief Madhusudan Sahoo and Sebi Whole-time Member (WTM) Madhabi Puri Buch are believed to be the top contenders to succeed Tyagi.

Apart from them, former corporate affairs secretary Injeti Srinivas and a few other officials of the finance and corporate affairs ministries are also learnt to be in the race, said people familiar with the developments. Text messages sent to Sahoo and Buch remained unanswered. 

Late on Monday evening, through a notification, the department of personnel and training (DoPT) appointed Srinivas as chairman of the International Financial Services Centre Authority (IFSCA) for the Gandhinagar-based financial special economic zone or Gujarat International Finance Tech (GIFT) City.

The government had narrowed down on some of these names in February, before Tyagi’s three-year tenure was set to end on February 28. However, he was granted a six-month extension to ensure continuity at Sebi amidst the Covid-19 crisis. 

Before taking over as chairperson of the IBBI in September 2016, Sahoo served as a member at the Competition Commission of India (CCI). He has a good capital market track record, having served as WTM at Sebi in the past.  He was head of the panel that issued framework for foreign listings.

Buch will be the first woman to head Sebi if she is selected. She was also the first woman WTM at the market regulator, which she joined in March 2017. 

The notification will be issued by the month end, said a person in the know.

Meanwhile, Buch started her career at ICICI Bank and went on to become managing director and chief executive of ICICI Securities in February 2009. In 2011, she joined Greater Pacific Capital in Singapore. Before her stint at Sebi, she worked at the New Development Bank in Shanghai.

Srinivas, one of the others in the fray, had played a crucial role in shaping the government’s bankruptcy reforms.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel