Regulatory bodies are the authorities which by statute, regulations, rules and code of practice are entitled to investigate, regulate and influence the finance and legal system in the country. Regulatory body strengthens the standards in different sectors. The following operations explain the role of a regulatory body in the country: promoting fair trade, protecting customers, providing administrative services, drafting industry standards, issuing fines, conducting inspections, and audits, framing restrictions, and implementing government schemes, requirements and conditions. The professional association works for the professionals in their respective fields. Regulatory bodies serve the country. Professional bodies serve the community.
Enforcement agencies and regulatory bodies work to ensure the best practices and contribute to environmental resource management. The experience in the private, public and government sectors is different for a working professional. The blog throws light on the story of Madhabi Puri Buch. She has experience in the private sector and heads the regulatory body SEBI. The story of successful people inspires young minds with admiration in the finance industry.
Story of Madhabi Puri Buch:
Madhabi Puri Buch is the chairperson of SEBI. She took charge of her duties in 2022. She broke the myth that the experience in the private sector is not beneficial to the government. She is the first woman to head the regulatory body. Puri Buch is a taskmaster. She implements collaborative practice in regulated entities. She is focused on the implementation of IT in the finance operations. With her experience, she is good at data-driven management approaches and decision-making.
Puri Buch is a mathematics graduate from St Stephen’s College. She completed an MBA degree from IIM Ahmedabad. She has experience in ICICI Bank. She was one of the top business schools in ICICI. She was recruited before the 1991 economic reforms. She is 1989 batch in IIM-A. Her batchmates’ names are Sanjeev Bikhchandani, founder of Naukri job portal, Rasesh Shah, chairman of Edelweiss, Rahul Bhasin, managing partner of Baring Private Equity and Vedika Bhandarkar, Nirmal Jain, CEO of India Infoline, and Vedika Bhandarkar, former CEO of Credit Suisse. Puri Buch was the young talent of ICCI. She holds leadership positions in the new housing unit opened by ICICI.
Buch gained experience in personal and retail finance from her initial years. She understands the complexity of the role of technology in the finance industry. After the global financial crisis, she headed the ICICI securities. Her husband Dhaval is from IIT Delhi. He worked with HUL for 35 years. He is currently working with Blackstone Alvarez and Marsal as a senior advisor. Puri Buch shifted to Singapore in 2011. She headed the business development at Greater Pacific Capital. The change in the workplace was due to the change in the role of her husband as a senior leader in the supply chain vertical. From her success story, it is evident that her finance experience in the private sector shaped her career to understand the complexity.
Finance experience in the private sector:
Finance is the backbone of the efficient economy. Private finance helps optimise the financial status, control the expenses, promote stability, manage risk and make informed decisions. Finance professionals working in private firms work for all the business objectives.
Work culture in private companies is focused on performance metrics. Employers expect employees to work in a high-pressure environment. In the private sector, innovation, risk management, and on-time delivery are the key points to performance metrics.
In private finance, the growth is high. The network building and financial experience help with rapid growth. The professionals working in private finance work as analysts, economic journalists, portfolio managers, investment bankers, and corporate finance advisors.
Finance experience in the government sector:
The objective of public finance is quite opposite to that of private finance. Public finance focuses on public resource management, income inequality, delivery of public services, social welfare, economic stability, budgeting, taxation, management of government funds and public expenses.
In public finance, the work culture is focused on the long-term plans of the government, government regulations, policies, transparency, public service, and accountability. In public finance, professionals work with a balance in the work-life and experience less pressure.
In public finance, after gaining experience, the professionals work as tax examiners, policy advisors public finance managers, and budget analysts. The professionals working in public finance also find opportunities in international organisations.
Difference between government and private sector for a CA:
- A government job offers the opportunity to handle public finance.
- Private jobs use the skills of CA to grow the investment in businesses.
- In the private sector, chartered accountants work to prepare financial reports, and audit reports and understand the risk associated with the business.
- In the government sector, the chartered accountant checks the operations, revenue, government schemes, budget and regulatory challenges. Chartered accountants can write the government examination for IRS and IAS. After clearing the IRS examination, CA can work as an income tax officer. After passing the IAS examination, CA can work as an IAS in government departments.
- In the private sector, chartered accountants learn about industry-specific demand, global trends, regulatory challenges and risk assessment.
- In the government sector, chartered accountants use intelligence to promote the country. Chartered accountants work to make the budget and government schemes efficient.
- Government job gifts decent salaries and fixed schedules.
- Private Job urge time. The professionals work on hectic time schedules. Chartered accountants working in the private and public sectors earn more money in a high-pressure environment. But, after gaining experience, the high-pressure environment motivates the professionals.
- Government and private jobs equip the skills of a chartered accountant. After gaining experience, the chartered accountant becomes an expert in the respective field.
- Government job offers better work-life balance. A private job provides the expert knowledge that transforms a professional into a leader. Education and experience are equally important to reach a high position.
Bottom Line:
In the olden days, graduation and government jobs demonstrate intelligence. In modern days, professional achievement communicates the success story. The success of education is gauged in terms of money and accolades.