The Centre on Monday announced the appointment of Madhabi Puri Buch as the new Chairperson of the market regulator Securities and Exchange Board of India (SEBI).

"The Appointments Committee of the Cabinet has approved the appointment of Madhabi Puri Buch, former Whole Time Member, SEBI, to the post of Chairman, Securities and Exchange Board of India," an official notification said. Initially for a period of three years from

the date of assumption of charge of the post, or until further orders, whichever is earlier,” stated a notification issued by the government on Monday.

In the records, it is the first time that a woman and a person from the private sector have been chosen for the top post at the sebi

This is the first time that a woman and a person from the private sector has been chosen for the top post at the SEBI.The appointment would be initially for three years from the date of assumption of post or until further orders, which is earlier, the notification added.

Incidentally, this would also be the first time since 2002 when the government named a non-IAS person to head SEBI. In April 2002, G N Bajpai, the former chairman of LIC, was named SEBI chairman. His term ended in February 2005. Buch will replace Ajay Tyagi whose term ends on Monday.