Bridge the governance deficit

The new Sebi chief should first straighten out things at the bourses

The appointment of Madhabi Puri Buch as chairperson of the Securities and Exchange Board of India (Sebi) heralds a new era for the regulator. Ms Buch is not only the first woman inducted to this post; she is the first individual from the private sector to helm Sebi. Several decades of experience in financial markets should help her deal with big challenges, both new and lingering.

Perhaps the most urgent task is to review and overhaul internal governance mechanisms at the financial exchanges, one of the key market infrastructure institutions (MIIs) that form the backbone of the capital markets. MIIs are