A key reason is the potential damage to SEBI's reputation due to allegations by Hindenburg Research.
The Union government and finance ministry believe the allegations against Buch are weak but are mindful of political ramifications.
Buch took charge as SEBI chairperson on March 1, 2022.
Buch's immediate predecessors, Ajay Tyagi and U K Sinha, served longer terms with extensions (4 and 6 years, respectively).
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