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The ‘Regulator’ At Sebi

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Madhabi Puri Buch, 

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The securities market in India is both buoyant and controversial, and as the chairperson of the Securities Exchange Board of India (Sebi), Madhabi Puri Buch sits at the epicenter of the spectacle. Currently, Sebi is under the spotlight, with the Supreme Court monitoring the former’s investigations into U.S. short-seller Hindenburg Research’s accusations about the Adani Group. The SC-appointed Committee recently passed adverse remarks on the regulator’s functioning in the same case.
More often than not, irregularities pertaining to the markets emerge after a few years, which seem to be the pivotal theme of Buch’s tenure at Sebi. Currently, she is not only dealing with unraveling a string of irregularities through investigations, but has also been tightening regulations to prevent similar issues in the future.
To bring transparency in the market, Buch has steered Sebi to tighten disclosure norms for foreign portfolio investors. Offshore funds that have invested over 50% of their assets under management in a single group of firms and more than ₹25,000 crore in the equity market are now mandated to disclose their investors. Under her watch, Sebi has also taken action against unregistered investment advisors. Buch has been associated with Sebi since April 2017 as a wholetime director and in-charge of collective investment schemes, surveillance and investment management. Rather than taking decisions in silos, Buch seeks extensive market feedback on key policy changes.