SEBI news: Ahead of LIC’s IPO, major changes in SEBI, market regulator ‘freed’ from government babus

Ahead of the much-awaited IPO of the country’s largest insurance company LIC, a major change has been made in the market regulator SEBI. Madhavi Puri Buch has been appointed as the new chairperson of SEBI. Puri will be the first woman to hold the post. He will replace Ajay Tyagi whose five-year term ends today. The Finance Ministry had invited applications for this post in October 2021, the last date for which was December 6, 2021.

Tyagi, a 1984 batch IAS officer of Himachal cadre, was appointed as the chairman of SEBI on March 1, 2017 for a period of three years. He was given an extension of service for six months. In August 2020, he was again given an extension of 18 months. Madhavi Puri has also been a whole time member of SEBI. He held this post from 5 April 2017 to 4 October 2018. LIC had submitted the draft documents for the IPO with SEBI earlier this month.

Who is Madhavi Puri
Puri has been made the chairman of SEBI for three years. ET quoted sources as saying that IFSCA chairman Injeti Srinivas and former finance secretary Debashish Panda were also in the race for the post. IFSCA chairman Injeti Srinivas and former finance secretary Debashish Panda were also in the race for the post. But Puri’s claim was overshadowed by him. For the first time, a person from the private sector has been entrusted with the command of SEBI.

Madhavi Puri started her career with ICICI Bank. She was MD and CEO of ICICI Securities from February 2009 to May 2011. In 2011, he joined Greater Pacific Capital LLP in Singapore. He has over three decades of experience in the financial markets.

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As a Whole Time Member in SEBI, he handled portfolios such as Surveillance, Collective Investment Schemes and Investment Management. After the end of his tenure in SEBI, he was made the head of the seven-member expert group. The objective was to assist SEBI in the design of in-house technological systems. Prior to SEBI, she was a consultant at the New Development Bank in Shanghai, China. She joined ICICI Bank in 1989 after studying Management from IIM Ahmedabad. He has done his graduation in Mathematics from St. Stephen’s College, Delhi.