Madhabi Puri Buch has been named the chairperson of Securities and Exchange Board of India (SEBI), the first woman to head the capital market regulator as the tenure of incumbent Ajay Tyagi ends on February 28.

Madhabi Puri Buch, a former SEBI Whole Time Member, was previously nominated to lead a new technology committee set up by the market regulator.

Buch was not only the first woman as WTM of SEBI, but also the first person from the private sector as well. She started her career with ICICI Bank, went on to become MD and CEO at ICICI Securities from Feb 2009 to May 2011.

In 2011, she left for Singapore to join Greater Pacific Capital LLP.

The stock market was awaiting clarity on whether  SEBI would get a new chairman or the current one, Ajay Tyagi, would get another extension.

To be sure, the finance ministry invited applications in October for the post of chairman and the deadline for submission was December 6.

On February 22, finance minister Nirmala Sitharaman said: "Shortlisting for the post probably is yet to happen."

The government gave an extension to UK Sinha for three years, making him the second longest-serving chief of SEBI after D R Mehta.

As per the procedure for appointment of regulators, candidates are shortlisted by the Financial Sector Regulatory Appointments Search Committee headed by the cabinet secretary. Based upon interactions, the FSRASC recommends the name to the appointments committee of cabinet headed by prime minister Narendra Modi.