(Reuters) – The Indian government on Thursday appointed Finance Secretary Tuhin Kanta Pandey as chief of the country’s market regulator, replacing Madhabi Puri Buch, whose terms ends this month.
Pandey has been appointed chairman of the Securities and Exchange Board of India (SEBI) for three years, a government order showed.
Buch, who has helmed SEBI for the past three years, came under attack from Hindenburg Research towards the end of her term.
Hindenburg alleged conflict of interest in SEBI’s investigations into the Adani group because of previous investments, which Buch and the Adani group both denied.
While SEBI’s investigations into allegations against the Adani group have been completed, orders are yet to be released.
The first woman to head SEBI, Buch made significant regulatory changes, including tighter rules for India’s derivative markets to protect retail investors punting on risky financial products.
She has instead championed safer small investment options as a way to widen the reach of financial investments.
Buch has also enforced tougher disclosures for corporates, fund houses and moved the Indian markets towards same-day settlement.
(Reporting by Ira Dugal, Nikunj Ohri and Urvi Dugar; Editing by Franklin Paul and Leslie Adler)
