Tuhin Kanta Pandey assumes charge as Sebi chairperson for 3 years

An IAS officer from the 1987 Odisha cadre, he has been serving as the Finance Secretary and Secretary of the Department of Revenue; his tenure will span three years from the date he assumes office

Tuhin Kanta Pandey arrived at Sebi office in Mumbai on Saturday to assume charge as its new chairperson. Pandey has been appointed as the 11th chairperson of the Securities and Exchange Board of India (Sebi) for a tenure of three years.

 

A seasoned finance bureaucrat, Pandey succeeds Madhabi Puri Buch, who completed her term as Sebi's first female chairperson on Friday, February 28, 2025.

 

According to a notification issued by the Appointments Committee of the Cabinet (ACC) on February 27, the Cabinet approved Pandey’s appointment as Sebi chief. An IAS officer from the 1987 Odisha cadre, he has been serving as the Finance Secretary and Secretary of the Department of Revenue. His tenure at Sebi will span three years from the date he assumes office.

 

Sebi leadership change amid market volatility

 

Pandey steps into the role at a time when the Indian stock market is under pressure, influenced by sustained outflows from foreign institutional investors (FIIs). Since January 2025, foreign portfolio investors (FPIs) have pulled out over Rs 1 trillion, adding to market instability.

 

During her tenure, Madhabi Puri Buch spearheaded significant regulatory reforms, particularly in the derivatives market, to protect retail investors from high-risk financial products. She also focused on expanding safe investment options and introduced stricter disclosure norms for corporations and fund houses. Additionally, Buch played a key role in transitioning Indian markets toward same-day trade settlements and led major reforms in equity derivatives trading, solidifying India's position as a global leader in this segment.

 

Pandey’s track record in revenue, disinvestment

 

Before his Sebi appointment, Pandey was a senior official in the Ministry of Finance, overseeing the Department of Revenue. He previously served as the longest-tenured secretary in the Department of Investment and Public Asset Management (DIPAM), which manages government equity in public sector enterprises.

 

Taking charge of the revenue department on January 9, 2025, following Sanjay Malhotra’s move to the Reserve Bank of India (RBI), Pandey played a pivotal role in shaping Budget 2025. His contributions included tax relief measures for the middle class, amounting to Rs 1 trillion. He was also actively involved in drafting the new Income Tax Bill, aimed at replacing the outdated Income Tax Act of 1961.

 

During his tenure at DIPAM from October 24, 2019, to January 8, 2025, Pandey led multiple disinvestment initiatives, aligning with the government’s public sector enterprise (PSE) policy. This strategy sought to scale down state participation in PSEs across various industries.