Madhabi Puri Buch

Madhabi Puri Buch became the first woman to chair SEBI in 2022. She previously worked at ICICI Securities and as a whole-time SEBI board member. Her tenure has focused on improving market technology infrastructure, tightening disclosure requirements, protecting retail investors participating in derivatives trading, and modernizing surveillance systems. India's equity markets grew dramatically during her tenure as retail participation surged. Buch has taken firm stances on corporate governance and regulatory enforcement while navigating India's emerging role as a major global equity market. Her prior experience in the private sector — including at ICICI Securities, one of India's largest broking and investment banking firms — gave her a practitioner's perspective on market microstructure and investor behavior. Under her leadership, SEBI took significant steps to limit the participation of retail investors in highly leveraged weekly options — a category of derivatives that had generated enormous trading volumes but also substantial retail investor losses. She also oversaw SEBI's regulatory engagement with new categories of market participants including alternative investment funds and real estate investment trusts. Her tenure has been marked by active supervision combined with efforts to streamline the regulatory framework for institutional investors entering Indian capital markets.