Madhabi Puri Buch is set to complete her three-year term as SEBI chief on March 1, leaving behind a legacy of significant reforms and challenges. During her tenure, Buch has focused on aligning SEBI’s culture with the corporate world, emphasizing data-driven decision-making and technological advancements.
One of Buch’s notable achievements was the successful implementation of a shorter settlement cycle, transitioning to T+1 settlement ahead of global markets like the US and Canada. This move improved liquidity, reduced counterparty risk, and enhanced market efficiency. Additionally, Buch introduced measures to protect retail investors, curb market frenzies, prevent misuse of client funds, and promote financial inclusion through initiatives like monthly SIPs for smaller investors.
Under Buch’s leadership, SEBI has introduced several reforms, including the KPI framework for IPO-bound companies, optional pre-filing mechanisms for offer documents, and new asset classes. The regulator has also focused on ease of doing business and collaboration with industry bodies.
Despite these achievements, SEBI has faced criticism for regulatory overreach, delays in investigations, and challenges in maintaining impartiality – particularly in high-profile cases like the Adani Group investigation. Buch has also encountered internal resistance to modernizing SEBI’s operations and enforcement standards.
Overall, Buch’s tenure has been marked by a mix of accomplishments and challenges, showcasing her efforts to drive reforms, improve market integrity, and adapt SEBI to the evolving regulatory landscape. As she prepares to step down, the industry awaits the appointment of a new SEBI chief to continue navigating the complexities of India’s capital markets.
