New Delhi: Industry body FICCI has welcomed the appointment of Madhabi Puri Buch as the chairperson of Securities and Exchange Board of India (SEBI) and has expressed confidence that the new chairperson will provide great leadership to the markets and set the highest standards.

“To me, this appointment speaks volumes about the government’s unbiased selection process for such a key position. Indeed, my respect for the government’s decision-making process has gone up manifold post this announcement. It clearly indicates the government’s strong resolve to have the right person for the right position,” Sunil Sanghai, Chairman, FICCI’s Capital Markets Committee.

“The decision is a first in many ways – first lady chairperson of the prestigious institution and the first chairperson from the private sector,” said Sanghai further added.

Pointing to the need of continuity at the helm of the capital market regulator, more than ever before, Sanghai said, “The markets are witnessing an unprecedented global crisis and geo-political issues of extraordinary magnitude, the world and our country is hopefully just starting to recover from the pandemic, the largest IPO in Indian history is soon expected to hit the market, and above all the capital markets are always very dynamic; against this backdrop, appointment of Mrs Buch, Whole Time Member of SEBI until few months ago, will not only ensure continuity but her steadfast approach towards high governance standards and values will certainly build the right discipline in the market.”

Buch brings with her the much-needed capital markets experience both as an outsider and an insider. The securities market involves highly specialized areas where her great collective private and public sector experience will be extremely useful. This, along with her exceptionally creative thought process, passion for technology, ability to quickly grasp complex issues and willingness to try new things, has the potential to take our securities markets regulatory system into a higher orbit, said Sanghai. /BI/