Ajay Tyagi, the outgoing chairman of the Securities and Exchange Board of India (SEBI), on Wednesday said that the market regulator had nothing to hide in its order against former National Stock Exchange (NSE) CEO Chitra Ramkrishna.

In its 190-page order in February, SEBI revealed that Chitra's executive decisions were being guided by an alleged "Himalayan Yogi" with whom she was sharing sensitive information. The order was criticised for converting an alleged criminal offence into a regulatory indiscretion and not unearthing the identity of the alleged Yogi.

"I want to say that SEBI tried in earnest to resolve NSE colocation case and governance lapses at the exchange," Tyagi said at a press conference as he handed over the reins to Madhabi Puri Buch, the new chairperson of SEBI.

"We came out with orders within our remit and understanding," he said, asserting that no one can say that the regulator "diluted" the orders.

Tyagi said the order was delayed owing to the Covid-19 pandemic. "Till now, all the facts and findings in the public domain are based on SEBI's findings disclosed in its orders, and we should wait for the investigation of other agencies as well," he added.

SEBI gets new chairperson

Madhabi Puri Buch took charge as chairperson of the Securities and Exchange Board of India in Mumbai today. Buch, who served as whole-time director of SEBI till October 2021, has handled Market Regulation Department, Market Intermediaries Regulation & Supervision Department, Integrated Surveillance Department, Investment Management Department, Department of Economic & Policy Analysis, Office of Investor Assistance & Education, National Institute of Securities Markets and Information Technology Department.

The new SEBI chairperson has also served as a consultant to the New Development Bank in Shanghai. She was also the head of the Singapore office of private equity firm Greater Pacific Capital. She also served as the managing director and chief executive officer at ICICI Securities Limited and as executive director, on the Board of ICICI Bank.

Buch, who also served as a non-executive director on the Boards of various companies, holds an M.B.A. from the Indian Institute of Management, Ahmedabad and is a graduate in Mathematics from St. Stephen's College, New Delhi.

NSE case

SEBI has nothing to hide in NSE case: Outgoing chairman