Madhabi Puri Buch's term as SEBI chief to end soon: A timeline of reforms and challenges

Madhabi Puri Buch's three-year tenure as Securities Exchange Board of India (SEBI) Chairperson ends on March 1, 2025. As the first woman to lead the market regulator, her leadership saw key reforms and regulatory crackdowns too.

With the government is likely announce her successor soon, here is a timeline of key events during her term.

2022: Buch took charge

Buch assumed office as SEBI Chairperson, succeeding Ajay Tyagi.

She became the first woman to lead the regulator.

2023: Regulatory reforms

SEBI proposed a mutual fund expense ratio cut, which faced some industry opposition. The decision was later put on hold.

Additionally, SEBI enforced certain curbs on derivatives trading.

It also promoted AI-driven surveillance to detect market manipulation, monitor IPO filings, and analyse corporate submissions.

2024: More reforms

SEBI introduced a new investment fund category positioned between mutual funds and portfolio management services.

Also, it approved small and medium REITs with a ₹50 crore asset size, compared to ₹500 crore for regular REITs.

The market regulator accelerated rights issue processing, reducing the timeline from 126 days to 20 days to enable quicker fundraising.

2024: Some challenges too

While Buch's tenure has been marked by significant regulatory actions and reforms, it has also faced challenges. A parliamentary committee questioned her leadership over the NSE co-location scam.

Additionally in 2024, Hindenburg alleged that Buch and her husband had undisclosed investments in obscure offshore funds in Bermuda and Mauritius, the same entities allegedly used by Vinod Adani - the elder brother of group chairman Gautam Adani - to round-trip funds and inflate stock prices.

SEBI, however, issued a show-cause notice to Hindenburg Research, alleging it "deliberately sensationalised" facts.

Despite these issues, the government decided she would complete her term.