Madhabi Puri Buch took over as the new chairman of market regulator Securities and Exchange Board of India (SEBI) on Wednesday, following Ajay Tyagi, who finished his five-year tenure in office.
Ms Buch, the first woman to oversee the crucial financial regulator and the first non-bureaucrat to do so in many years, was selected by the government this week for a three-year tenure.
She thanked Mr Tyagi for his leadership and for laying the proper foundations, saying she was looking forward to expanding on the solid basis he had laid.
She was speaking at an event hosted by SEBI to commemorate her appointment as CEO. Mr Tyagi was also honoured during the ceremony.
Mr Buch, who has spent most of his career with the ICICI Bank group, previously served as a Whole Time Member of the regulator until October of last year.
In her previous position with SEBI, she was in charge of important functions such as the Market Regulation Department, Market Intermediaries Regulation and Supervision Department, Integrated Surveillance Department, Investment Management Department, and the Department of Economic and Policy Analysis.
According to an official release, she has served as the Chief Executive of ICICI Securities, the brokerage arm of the ICICI Group, as well as an Executive Director on the board of ICICI Bank.