2022: Buch took charge
Buch assumed office as SEBI Chairperson, succeeding Ajay Tyagi.She became the first woman to lead the regulator.
2023: Regulatory reforms
SEBI proposed a mutual fund expense ratio cut, which faced some industry opposition. The decision was later put on hold.
Additionally, SEBI enforced certain curbs on derivatives trading.
It also promoted AI-driven surveillance to detect market manipulation, monitor IPO filings, and analyse corporate submissions.2024: More reforms
SEBI introduced a new investment fund category positioned between mutual funds and portfolio management services.
Also, it approved small and medium REITs with a ₹50 crore asset size, compared to ₹500 crore for regular REITs.
The market regulator accelerated rights issue processing, reducing the timeline from 126 days to 20 days to enable quicker fundraising.
2024: Some challenges too
While Buch’s tenure has been marked by significant regulatory actions and reforms, it has also faced challenges.
In 2024, Hindenburg alleged that Buch and her husband had undisclosed investments in obscure offshore funds in Bermuda and Mauritius, the same entities allegedly used by Vinod Adani – the elder brother of group chairman Gautam Adani – to round-trip funds and inflate stock prices.
SEBI, however, issued a show-cause notice to Hindenburg Research, alleging it “deliberately sensationalised” facts.
Despite these issues, the government decided she would complete her term.
