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But, Buch, who earlier headed ICICI Securities, belongs to a rare group of female CEOs who have consistently managed to ascend the corporate ladder.
Despite the efforts of several progressive companies, boards and even investors to enhance the presence of women in key leadership roles, their number at the top leadership levels in organisations in India is abysmally low.
Data from NSE 200 companies show women's representation in senior management of organisations in India is a mere 7%, which declines even further at the top management level to 5%, according to a recent study by IIM Ahmedabad.
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However, the number of female directors in NSE 500 companies has increased to 16% in 2020 from 4.5% in 2014, due to regulatory requirements, a reflection of the fact that an increase in the representation of women at the board level has not yet resulted in a significant improvement in the percentage of women at the top management level.
So, why do we have so few female CEOs in India - and across the world?
Experts say it's a combination of factors: from a small talent pipeline of women in top management roles to a leaking pipeline of female professionals in the middle of the pyramid to stereotypes and biases that still exist against women in promotions and career progression.
"The root cause of the problem is the entire system of career progression of women along with hiring and retention of women during mid-career," says Arun Duggal, chairperson of ICRA and an independent director on several boards. "Unless steps are taken to increase and strengthen the pipeline of woman leaders and number of women in top management, it will be difficult to have more woman CEOs," he adds.
Manisha Girotra, chief executive of Moelis India, says: "There is a huge unconscious bias against having a woman as a leader - both in India and globally...and since there are more men in the corporate world by nature, they hire people who are like them."
Data show that the last two years of the pandemic had led to a further setback with several women dropping off the corporate ladder from senior leadership positions, as they juggled between the two worlds of their home and work while social stereotypes placed a disproportionately higher burden of family responsibilities on their shoulders.
The representation of women in senior leadership dropped to 13% in 2022 from 23% in 2020, according to a survey of over 350 large, medium and small companies by JobsForHer, an online career platform for women, shared exclusively with ET.
"The stereotyping of social roles exacerbated during the pandemic leading to many senior women opting out of their professional pursuits," says Neha Bagaria, CEO, JobsForHer.
"If women drop out, it is harder to get them back in and even if they do, their income trajectory is altered and the lower earner's income takes a backseat in the family," says Anjali Bansal, founder, Avaana Capital.
Also, women in senior roles in organisations are mostly seen in support functions and very few in key business roles that usually open the door to the corner office.
There are also biases against female bosses, including in promotions.
"A woman is termed aggressive and bossy, while a man is called ambitious," says Bagaria.
CEOs and diversity experts point out the need for a mindset change.
"There is a need to engage men a lot more in conversations on gender diversity. Every CEO when they are doing succession planning should be conscious about considering women. There should be a lot more incentivisation for leaders to groom women," says Girotra of Moelis India.
Several large companies in India are grooming a pipeline of female leaders. The pandemic too underscored the need to include women in top decision-making roles to bring in divergent views to navigate uncertain times.
However, women occupying the corner room is still a distant dream for most in corporate India.
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