A potential top-level appointment at the Securities and Exchange Board of India (SEBI) has sparked significant discontent among its officials and employees. The rumored selection of Shikha Gupta, former head of taxation at Hindustan Unilever Ltd (HUL), as SEBI’s new Executive Director (ED) has drawn criticism for appointing an external candidate to a key post, rather than promoting from within.
The opposition comes amid ongoing allegations against SEBI Chairperson Madhabi Puri Buch, further intensifying the agency’s internal tensions. According to a report by Zee Business, SEBI employees have voiced their dissatisfaction, expressing a preference for an internal candidate to fill the position. Sources cited in the report claim widespread disapproval among SEBI’s workforce over Gupta’s rumored appointment.
Adding to the controversy, Gupta’s alleged ties to Chairperson Buch have raised questions. The report highlights that Buch’s husband, Dhaval Buch, has held senior roles at Hindustan Unilever Ltd, creating a perception of a potential conflict of interest.
The appointment, if confirmed, would represent a significant shift in SEBI’s tradition of appointing internal candidates to top posts. SEBI employees are reportedly concerned about the precedent this decision could set and its implications for the regulator’s governance structure.
This development has come at a critical juncture for SEBI, as it navigates public scrutiny and seeks to maintain its autonomy and credibility in regulating India’s capital markets. Further clarity on the matter is expected in the coming days.
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