As Per RTI Records Ministry Of Finance, Government Of India Has No Information About Why & How Madhabi Puri Buch Was Made The Chairman Of SEBI

In a surprising turn of events, a recent RTI (Right to Information) query filed by Inventiva has unveiled some startling details regarding the appointment of Madhabi Puri Buch as the Chairman of the Securities and Exchange Board of India (SEBI). The RTI, filed under the number DOEAF/R/X24/00142 on July 6, 2024, has brought to light the absence of clear records or information regarding the criteria or merits that led to Buch’s selection for this prestigious role.

The response from the Ministry of Finance, Government of India, has raised significant questions about the transparency and accountability of the selection process. According to the RTI reply, the ministry does not possess any specific information or documentation detailing the qualifications, experience, or other criteria that were considered when Madhabi Puri Buch was appointed as the Chairman of SEBI.

This revelation has sparked concerns among industry experts and the public alike. The role of SEBI Chairman is critical to the regulation and oversight of India’s financial markets, and the lack of transparency in such a key appointment process is alarming. The absence of records or clear criteria could potentially undermine the confidence of stakeholders in the regulatory framework and the integrity of the financial markets.

Madhabi Puri Buch, who has had an illustrious career in finance and was the first woman to head SEBI, has been recognized for her contributions to the industry. However, the RTI response suggests that the process leading to her appointment might not have been as rigorous or transparent as one would expect for such a vital position.

The RTI findings raise several important questions: How was the decision to appoint Buch as SEBI Chairman made? What factors were considered in the selection process? And perhaps most crucially, why does the Ministry of Finance lack records or information on such a significant appointment?

These questions highlight the need for greater transparency in the appointment processes of key regulatory positions in India. As the custodian of the country’s financial markets, SEBI’s leadership must inspire confidence and trust. The current lack of clarity regarding the selection process does little to bolster that trust.

The Ministry of Finance has yet to issue a statement or clarification in response to these revelations. Meanwhile, the RTI response continues to fuel discussions on the importance of transparency and accountability in government appointments, particularly in roles as significant as the Chairmanship of SEBI.

As this story develops, it is likely to draw further scrutiny and calls for more detailed explanations from the relevant authorities. The financial community and the public await a clearer understanding of how such a crucial decision was made without the availability of documented records or clear selection criteria.

Read What The RTI Says