The government has initiated the process to appoint a new chairman for the Securities and Exchange Board of India (SEBI), signaling that the incumbent, Madhabi Puri Buch, is unlikely to receive an extension. The Finance Ministry issued an advertisement on Monday seeking applications for the position by February 17, ahead of Buch’s tenure ending on February 28, 2025.

Madhabi Puri Buch, the first woman and the first private-sector professional to lead SEBI, was appointed as its chairman in March 2022 for a three-year term. Her predecessors, Ajay Tyagi and U.K. Sinha, were granted extensions during their respective tenures, serving four and six years in office.

Buch faced scrutiny last year following allegations from short-seller Hindenburg Research, which she categorically denied. Despite this, government sources had indicated earlier that Buch would not be considered for an extension, although she would be allowed to serve her full term.

The Finance Ministry’s notification specifies that the next SEBI chief will be appointed for a maximum of five years or until the age of 65, whichever is earlier. The chairman will have the option to receive remuneration equivalent to a Secretary to the Government of India or a consolidated monthly salary of ₹5,62,500.

Hindenburg Research, which had stirred controversy with its allegations, recently announced its closure ahead of Donald Trump’s anticipated return as U.S. President.