The Ministry of Finance has opened applications for the position of Chairperson of the Securities and Exchange Board of India (SEBI). Interested candidates must submit their applications by February 17. The current chairperson, Madhabi Puri Buch, will finish her term on February 28.

As per the notification from the Department of Economic Affairs (Financial Markets Division), the selected candidate will serve for up to five years or until they reach the age of 65, whichever comes first. The new chairperson will receive a monthly salary of Rs.5,62,500 without additional perks like a house or car or a salary equal to that of a Government of India Secretary.

Madhabi Puri Buch took charge as SEBI Chairperson on March 2, 2022, for a three-year term. Before this role, she served as a whole-time member of SEBI from April 2017 to March 2022. She made history as the first woman and the first professional from the private sector to lead the regulatory body.

Although the tenure of a SEBI chairperson is typically three years, previous chairpersons like U.K. Sinha and Ajay Tyagi had extended terms of six and five years, respectively.

Madhabi Puri Buch's term included several challenges. These included allegations raised by U.S.-based short-seller Hindenburg and the Congress party regarding offshore fund investments linked to the Adani Group. Additionally, SEBI employees had accused her of creating a toxic work environment, although this issue was eventually resolved.

The appointment process will be overseen by the Financial Sector Regulatory Appointments Search Committee (FSRASC). The committee may also recommend candidates who haven’t applied if they meet the required qualifications and merit.

The Finance Ministry’s advertisement includes detailed instructions for the application process, which can be accessed on the Department of Economic Affairs’ website.