SUMMARY
Madhabi Puri Buch’s three-year tenure as Chairperson of the Securities and Exchange Board of India (SEBI) is set to end on March 1, 2025. As the first woman to lead the market regulator, she introduced several structural changes aimed at improving market transparency, investor protection, and regulatory oversight. Here’s a look at the key regulatory measures undertaken during Buch’s tenure.
1 / 6Stricter oversight on derivatives trading | One of Buch’s most significant moves was curbing retail participation in derivatives trading. SEBI’s internal study revealed that households lost nearly ₹60,000 crore annually in derivatives. Despite opposition from industry players, SEBI imposed restrictions on futures and options (F&O) trading.
2 / 6Fast-tracking rights issues | SEBI introduced changes to make rights issues—where companies raise funds from existing shareholders—faster and more efficient. The timeline for processing rights issues was reduced from 126 days to 20 days.
3 / 6New investment products | SEBI launched a new investment product category positioned between mutual funds and portfolio management services (PMS). This provided a new option for high-net-worth individuals (HNIs) looking for more tailored investment strategies.
4 / 6Introducing Small & Medium REITs | To broaden retail participation in real estate, SEBI introduced Small & Medium REITs (SM REITs). The minimum asset size was reduced from ₹500 crore to ₹50 crore, making it more accessible.
5 / 6Use of AI for market surveillance | Buch pushed for technology-driven regulation, making SEBI one of the most AI-integrated financial regulators globally. AI tools were deployed to detect suspicious trading patterns and corporate disclosures. SEBI used AI to automate IPO review processes, ensuring faster approvals and better scrutiny.
6 / 6Now, an appointment on SEBI chief order is expected. Sources told CNBC TV18 that the Appointments Committee of the Cabinet (ACC) may issue the final order soon. According to sources, the search panel may have considered the following candidates for the role: Tuhin Kanta Pandey – Secretary, Department of Investment and Public Asset Management (DIPAM), Ajay Seth – Secretary, Department of Economic Affairs (DEA), Pankaj Jain – Secretary, Ministry of Petroleum and Natural Gas, K.C. Varshney – Whole-Time Member, SEBI
