India's financial regulatory pillars set for a leadership shake-up

The regulatory landscape of India’s financial sector is set for a major shift. Four key positions will become vacant over the next four months, marking a potential reshuffle by the end of the current financial year.  

A look at the four pivotal regulatory roles that could see new faces.  

RBI Governor 

 

SHAKTIKANTA DAS took office on December 12, 2018. In 2021, he was reappointed for an additional three-year term, making him the longest-serving RBI governor in seven decades. The upcoming December monetary policy review could be the last for Das. During his tenure, the financial sector advanced in digital payments and introduced the central bank digital currency.

 

RBI Deputy Governor 

 

MICHAEL DEBABRATA PATRA, one of the four RBI deputy governors, assumed office on January 15, 2020. Patra has been a monetary policy committee member since its inception in October 2016. Initially, his term was extended by one year in 2023 and then for another year in 2024. The government has now opened applications for his successor.

 

Sebi Chairperson 

 

MADHABI PURI BUCH took the helm at Sebi on March 2, 2022, becoming the first woman and private-sector professional to lead the organisation. Under her leadership, Sebi adopted a faster settlement cycle for initial public offerings and secondary markets. As her term nears its end, speculation grows over whether her tenure will be extended or a successor appointed.  

 

Irdai Chairperson 

DEBASISH PANDA took charge as chairperson of Irdai on March 14, 2022. With a mission of achieving Insurance for All by 2047, he has spearheaded several reforms to simplify business processes. Under Panda, the industry has seen six new players, marking the first additions in the life segment in over a decade and the general and health insurance segments 

in nearly five years.