Amid the Madhabi Buch row, Shikha Gupta, the former head of taxation at Hindustan Unilever Ltd (HUL), is expected to be appointed as SEBI’s new Executive Director (ED), a move which has been opposed by many SEBI officers and employees.
Amidst the firestorm of allegations against SEBI Chairperson Madhabi Puri Buch, a new top-level appointment at India’s capital market regulator has reportedly triggered a revolt of sorts from officials and employees, who are opposing the appointment of an external candidate to a top post in the agency.
As per a Zee Business report, Shikha Gupta, the former head of taxation at Hindustan Unilever Ltd (HUL), is expected to be appointed as SEBI’s new Executive Director (ED), a move which has been opposed by many SEBI officers and employees. “There seems to be a lot of dissatisfaction among SEBI officers and employees regarding this appointment,” the report quoted sources as saying.
According to the report, SEBI employees have expressed their dissatisfaction with Shikha Gupta’s rumored appointment and want one of their own to be elevated to the body’s top post.
Shikha Gupta’s appointment has also raised eyebrows because of her alleged connection with SEBI Chairperson Madhabi Buch, whose husband Dhaval Buch has served at the private sector FMCG giant for years, the report said.
Notably, a similar situation had arisen at SEBI in 2022, when ICICI Bank’s Pramod Rao was appointed as Executive Director. Incidentally, Madhabi Buch, who is under fire following damning allegations leveled against her in the Hindenburg report, served the longest stint of her career at ICICI Bank.
Comments are closed.