NEW SEBI CHIEF! Finance Secretary Tuhin Kanta Pandey Takes Charge
His immediate priorities will likely include restoring confidence in SEBI’s oversight, addressing concerns over market integrity, and navigating the regulator through ongoing probes and policy reforms.
In a recent development for India’s financial regulatory landscape, the Appointments Committee of the Cabinet on Thursday, approved the appointment of Finance Secretary Tuhin Kanta Pandey as the new Chairman of the Securities and Exchange Board of India (SEBI). Pandey, a 1987-batch Indian Administrative Service (IAS) officer from the Odisha cadre, succeeds Madhabi Puri Buch, whose three-year term concludes today, February 28. His initial tenure is set for three years, taking effect immediately.
The announcement follows a call for applications issued by the Department of Economic Affairs under the Finance Ministry on January 27, inviting candidates for the coveted post. Pandey, who turns 60 in August, brings a wealth of experience from his extensive career in public administration and finance. Currently serving as Finance Secretary and Secretary of the Department of Investment and Public Asset Management (DIPAM), he has been instrumental in steering India’s disinvestment policies and managing key economic portfolios. His appointment marks a return to a government insider leading SEBI, contrasting with Buch’s historic tenure as the first woman and private-sector appointee to the role.
Pandey’s selection by the Financial Sector Regulatory Appointments Search Committee (FSRASC) underscores his reputation for integrity and expertise in economic governance. The government’s notification highlighted that the SEBI Chairman’s term could extend up to five years or until the appointee reaches 65, whichever comes first, with eligibility for reappointment. Pandey will receive a consolidated salary of ₹5,62,500 per month, aligning with the pay scale of a Secretary to the Government of India.
Buch’s exit comes amid a tumultuous period for SEBI, marked by controversies including allegations from Hindenburg Research in August 2024, which claimed she and her husband held stakes in offshore funds linked to the Adani Group. Though Buch denied these charges, calling them “character assassination”, the episode fueled debates over regulatory independence and transparency. Her tenure also saw notable reforms, such as the launch of the Specialised Investment Fund and plans for a “when-listed” trading platform, but ended under scrutiny from opposition parties and internal dissent within SEBI.
His immediate priorities will likely include restoring confidence in SEBI’s oversight, addressing concerns over market integrity, and navigating the regulator through ongoing probes and policy reforms. With his deep ties to the Finance Ministry, analysts expect a steady hand focused on aligning SEBI’s agenda with national economic goals.
As the news broke, posts on X reflected a mix of anticipation and speculation about Pandey’s tenure, with some users noting his appointment as a strategic move to stabilise the regulator. For now, all eyes are on Pandey as he assumes leadership of SEBI, tasked with safeguarding investor interests and sustaining the momentum of India’s booming securities market.
